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  "documentTitle": "US Credit Card Issuer Performance 1Q 2023",
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      "text": "This quarter saw continued pressure on ROA from rising charge-offs, higher expenses and slowing spend growth.",
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      "text": "YoY, outstandings grew by 18.3% to $944.2B in Q1 2023 with revolve balances increasing across issuers. It is now up 8.3% vs. pre-pandemic (e.g., 4Q 2019).",
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      "text": "However, card outstandings continue to breach all-time-highs",
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      "text": "Industry ROA continues its downward trajectory since Q3 2022, reaching 4.6% this quarter, though it is still higher than the 10-year average ROA of 4.3%",
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      "text": "Spend growth slowed across categories. In April, card spend per household declined 1.2% YoY. Services spending growth continues to decelerate, particularly in Airlines, Lodging, and Restaurants. Also, higher-income spending growth on discretionary items has fallen below lower- and middle-income households. According to the NY Fed's HH spending growth survey, this trend could persist among the highest-earning cohort.",
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      "text": "Spend grew by 10.2% YoY in 1Q 2023 to $930.9B, compared to an average of 12.8% in prior two quarters",
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      "text": "At the same time, marketing and acquisition costs increased as issuers continue to add new customers. Non-interest expense of issuers we track increased by 17.9% YoY, reflecting some continued optimism in the credit environment",
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      "text": "Credit cardholders that use POS lending tend to have much more tenuous financial situations",
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      "text": "Additional insights from McKinsey's Consumer Financial Life Survey:",
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