(Bloomberg) -- The potent cocktail of decades-high inflation and aggressively rising interest rates is showing signs of taking a toll on consumers, and financial-services providers are reacting with cuts to their business lines.

Consumers are still buying for now, according to a bevy of executives, who also said they are taking steps in anticipation that spending will curtail. 

Discover Financial Services is seeing weakening on its cards spending, and is pulling back on some origination activity, Chief Executive Officer Roger Hochschild said Tuesday at the Goldman Sachs Group Inc. financial-services conference in New York. Bank of America Corp. CEO Brian Moynihan also flagged the slowing rate of growth in consumer expenditures, and Capital One Financial Corp.’s Richard Fairbank said low-income customers have already faced cuts.

“Consumers are still spending more money right now, but the rate of growth is slowing,” said Moynihan.

Buyers with less-than-stellar credit scores are some of the first to feel the ripple effect. In addition to the Capital One cuts, Discover’s Hochschild said the firm is limiting new accounts for those at the “lower end of prime” scores.

“That’s why you’re seeing stress in the subprime and near-prime issuers, where those households are already tapped out,” Hochschild said. “They’re already shopping at Dollar General or the lower-end retailers.”

Households will have to make difficult spending decisions in the near future, a prospect some are already facing, according to Brian Wenzel, chief financial officer at Synchrony Financial. 

“It’s all about elongating liquidity for them,” he said. “What we hear today is, ‘I cant make my rent payment, it’s up. Inflation is killing me on gas and groceries.’ You see that.”

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