arms stretched out holding credit cards Source: Shutterstock.

The expiration of enhanced unemployment benefits at the end of July may already be having an impact on consumers. According to PSCU’s latest shopping trends analysis, overall card payment growth rates trended downward for the week ending Aug. 4, just a few days after the $600 benefits initiative provided by the Federal CARES Act was allowed to lapse.

Per the report, debit card spend was up only 11.9%, which dropped from the prior four-week average of 17.9%. Credit card spend also suffered a similar decline, down 4.3% year-over-year.

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