Credit Card Activity
People are using their credit cards more often, for larger amounts, and at a wider variety of places. The dollar amounts of purchases charged to nationally known, general-purpose credit cards has grown exponentially toward the $1 trillion mark. In 1997, Americans had more than 564 million cards, and used them to finance 18% of their total $5.5 billion in personal consumption expenditures. In the same year, the number of locations accepting cards increased a hefty 7%. Besides convenience, special features like credits towards air mileage have fueled credit card use.
Suggested citation: “Credit Card Activity,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-07, pp. 06, 07.01.1998.