When it comes to getting a clear understanding of how well a local economy is recovering from the recession, one of the best barometers is how much people are using credit and debit cards for merchant services.
In Hawaii, the rate of growth for the plastic ard payment method slowed down during the third quarter, causing some to worry about the overall financial future of the state. According to First Hawaiian Bank, credit and debit sales rose 7.5 percent during the third quarter from a year ago to total $702.8 million. The increase was lower than during the second quarter, when spending grew by 8 percent.
“While we are encouraged by these continued healthy results, we are beginning to see a slowing of sales growth,” said Keith Nagata, First Hawaiian senior vice president and business services division manager, in an interview with the Honolulu Star-Advertiser.
In other Hawaiian credit card news, the state’s Republican party recently got into trouble for some unpaid bills. The Honolulu Civil Beat reports that the Hawaii Republican Party owes tens of thousands of dollars in unpaid credit cards.Back To Blog