BankFiesta.com

Credit card companies suffer huge losses as spending declines…
The shaky U.S. economy is starting to affect the credit card sector with a sharp decline in consumer spending. Bank of American reported credit card spending was down 17.2% last quarter; Citigroup saw a decline of 15% and JPMorgan Chase saw an 8% drop in credit card spending. Although MasterCard reported a 14.2% increase in revenue in the fourth-quarter, signs of slowing growth are evident with an 11% decrease in card volume. (more…)