Major Credit Card Provider Warns US Consumers Are Spending Less

According to the largest provider of private-label credit cards in the U.S., consumers, pressured by years of persistent inflation, are reducing spending as the economic outlook worsens.

What To Know: Synchrony Financial's (NYSE:SYF) chief credit officer Max Axler told Reuters that while most borrowers continue repaying loans, spending has dipped across income levels. 

“Purchase volumes have gone down across the industry as consumers across all income groups become more thoughtful about spending,” Axler said.

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