According to a new report from the Tulsa World, which cited statistics from an American Express survey, consumers have opted to put more of their money into savings, rather than committing it to reducing credit card debt. In addition, fewer said they planned to spend less in the next 30 days than they did in the same period last year.
Concentration on reducing credit card debt slipped to consumers' second priority, the report said. Meanwhile, a loss of income, concern about depleting savings, and worries about job security were also listed as reasons for the declines in spending.
Many consumers have been forced to spend large portions of their savings as the national unemployment rate remained unusually high in recent months. As a result, they may have also begun to make ends meet by taking on more credit card debt.