Americans spent more overseas in 2010
In yet another sign that American consumers are feeling better about their finances, the amount of credit card debt they took on while visiting foreign countries grew considerably last year.
Consumers with Visa credit cards issued in America increased spending overseas in nine of the top 10 foreign destinations, according to the latest statistics from Visa, the world’s leading credit network. The countries that saw the largest volume of purchases were once again Canada and Mexico, which received$3.5 billion and $3.1 billion in U.S. credit card spending, respectively. Those marked respective increases of 8 and 7 percent.
Meanwhile, the foreign nation that received the largest growth in U.S. credit card spending was China, which saw an 18 percent jump, to $741 million, the report said. Only Germany, which saw purchases fall to $1.1 billion, saw a decline.
Many Americans may be feeling good enough about their financial situations that they’re heading abroad more often, and some major credit card lenders have responded by axing unpopular foreign transaction fees for a number of different travel accounts.