Good and Bad News About Credit Card Use
Aug 28, 2008 Uncategorized
Via The Institute:
Financial research firm Javelin Strategy & Research (www.javelinstrategy.com) released today its latest report on credit cards and consumer spending, which shows that Americans are cutting back on credit card use and having difficulty paying off balances. The report indicates conservative spending behaviors as a result of the economic downturn and the ramifications of the mortgage crisis, soaring fuel costs and rising food prices.
“The sharp decline in credit card spending challenges the popular belief that Americans are charging basic goods in order to sustain their quality of life,” said Jim Van Dyke, president of Javelin Strategy & Research. “Consumers are making deliberate cutbacks like shopping at superstores, eating out less and watching what they charge. We believe this is because most people have already been impacted by the downturn or they’re anticipating that we haven’t seen the worst of it. It’s very cautious behavior.”
The good news is Americans are slowing down on their use of credit cards. The bad news is they can’t pay off the ones they have.
Proverbs 22:7 “The rich rules over the poor, and the borrower is the slave of the lender.”
August 28th, 2008 at 9:39 am
Remember in Vegas when you borrowed a dollar from me for a bottle of water? You never paid me back, so according to your “bible”, you are now my slave.
August 28th, 2008 at 10:58 am
No, I am a thief. I stole that dollar.
August 28th, 2008 at 11:56 am
So I shouldn’t count on you coming up this weekend to clean my house and mow my lawn?