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More Americans using credit cards than cash for food
Coronavirus pushes JPMorgan credit card spending down 40%
JPMorgan credit card users’ spending is down significantly. FOX Business’ Lauren Simonetti with more.
More Americans are relying on credit cards to buy essentials, like groceries, and conserving cash as the unemployment rate skyrockets as a result of the coronavirus pandemic.
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Overall credit card spending fell 40 percent during March and early April with more Americans at home during the coronavirus, a new report by JP Morgan Chase suggests. And non-essential spending dropped by 50 percent, according to the report.
Despite less credit card spending, consumers are choosing to pay for smaller budget items like food with credit versus cash, other data suggests.