Card Use Slows in Summer, Yet New Ways to Spend on Horizon

We always like when two seemingly unrelated bits of news emerge to make a pattern, or perhaps two points on a related map. On the one hand, we have another report from the Fed that, as Reuters puts it, “growth in U.S. consumer credit slowed for the second straight month in July, held back by a decline in a measure of credit card usage that hinted at a mood of caution among consumers.”