Lower-income earners are cutting back on essentials, while wealthier consumers maintain strong spending on dining and luxury travel, as shown by first-quarter credit card lender results. Lower-income earners cut back on essentials while wealthier consumers continued spending on dining, luxury travel, and big-ticket items. The Federal Reserve Bank of Philadelphia reported that 11.1 of card users made only minimum payments in the fourth quarter, the highest in 12 years. Lenders catering to high-income consumers have been insulated from concerns about Trump’s tariffs, inflation, and a possible recession.