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Credit and debit card spending was up 16% to $65 billion, with credit card spending up 28%, the bank said.
The strong spending figures are good signs for the economy and the consumer, a bank executive said in a statement.
“Our clients’ checking and savings deposit balances were also up 15% year-over-year,” said Mary Hines Droesch, Head of Consumer and Small Business Products, Bank of America (NYSE:BAC). “These trends bode well for the economy as we move further in 2022.”
