Consumers’ increased credit card use driving economic recovery

Consumers have shown a greater willingness to use their credit cards in recent months, as all three of the nation's top payment processing networks have reported increased spending volumes during the first quarter of the year, according to a report from the New York Times. The higher levels of spending are viewed as not only an indicator that Americans are feeling more comfortable with their own finances, but also in driving further national economic recovery.

However, the return to credit card use has been slow, hampered somewhat by low rates of increase for average incomes, the report said. In addition, it could be further depressed by the rising prices for gasoline and food.

Credit card use has been steadily increasing again despite few improvements in nationwide unemployment rates. In addition, many consumers have also made a greater effort to reduce their credit card debt, even if that means allowing their mortgage to fall delinquent.