Direct-Mail Spending Down in 2008 and Still Falling

Mr. Ratan also said stricter credit regulations for consumers meant less names to mail to, hence fewer mailings. "That got compounded with increasing expenditures like postage rates and paper costs cut volume," Mr. Ratan said. "In the last quarter of 2008 and the first quarter of 2009 there were some steep declines but I think the steepness of the decline will reduce and we will some moderation and balancing out going forward."