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More than 50% of U.S. consumers change their payment habits to debit card spending

As high inflation rates put increasing pressure on consumer spending, consumers are changing their payment methods and some of their buying habits to keep a closer eye on their spending, according to a new survey of a total of 11,000 consumers in Europe, North America and Latin America conducted by leading online payment platform Paysafe (PSFE.US).

In a survey conducted in April, about 44% of respondents said they had changed their spending habits in response to inflation; 40% of that group said they had shifted to methods that allowed them to track spending more accurately, and 21% said they were avoiding consumer credit.

The survey shows that more than half (53%) of the surveyed group have changed their payment habits, using debit cards more frequently than they did a year ago, and in countries and regions where credit cards are more popular. In Canada, for example, credit cards are still the most commonly used payment method, but 49% of respondents said they use debit cards much more often than they did a year ago.

In a consumer survey conducted by Provident Bank (PFS.US), almost half of respondents said they were spending slightly or much more than last year on credit cards for everyday purchases. The survey of 600 adult U.S. consumers found that more than 10 percent of respondents said they eliminated all unnecessary spending, and nearly 72 percent said they changed at least some of their personal travel habits.

The bank’s survey results show that more than half of the group said they spend $100 to $500 more on groceries each month. Respondents said baby products, meat, utilities, household items, milk and alcohol had the greatest negative impact on their personal finances.

Under the weight of high inflation, more than 80 percent of U.S. consumers are making significant cuts in travel and all types of spending. They are taking actions to cut spending by quitting smoking; shopping at discount stores; switching to cheaper private-label goods; taking on odd jobs for extra income; making coffee at home, and going out for fewer haircuts.

In terms of travel, Provident Bank said some respondents said they avoid traveling to areas with high spending levels and are doing more video chats with family members rather than visiting them in person; consumers are also generally postponing travel plans until gas prices drop and planning their gas usage before traveling.

While there are signs that more consumers are turning to financial technology (Fintech) to help cope with higher prices, this is not being reflected in the stock performance of these companies. Among select payments and fintech-related stocks, essentially all have been down over the past six months, with fintech service application provider Dave (Dave.US) down 70% in the past month and Affirm (AFRM.US) – a company that allows consumers to pay in installments that fell as much as 40%.

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Threza Gabriel
Threza Gabrielhttps://www.techgoing.com
TechGoing is a global tech media to brings you the latest technology stories, including smartphones, electric vehicles, smart home devices, gaming, wearable gadgets, and all tech trending.
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