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credit card debt Credit card payment. Photographer: Simon Dawson/Bloomberg

Credit unions and other card issuers might see significant growth in their card businesses over the next four years, according to new consumer spending projections from The Nilson Report. And for one credit union industry expert, the projections emphasized how much credit unions will need to compete in order to stay relevant to members.

The Nilson Report projected this week that combined spending for goods and services on debit, credit and prepaid cards will rise from $7.266 trillion in 2018 to $10.086 trillion in 2023.

Tina Orem

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