Consumers were less optimistic about the economy in July, prompting many to cut back on spending, according to Discover.

Among 12,000 consumers surveyed nationwide, 62 percent rated the economy as fair to poor, while 59 percent said they expect economic conditions to worsen. Just 30 percent said they felt their personal finances were improving, down from 32 percent in June, with less than half reporting cash left over after paying their bills and other expenses.

As a result, only 33 percent of men and 35 percent of women polled said they expected to spend more than last month.

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