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Great Economic News

Discussion in 'Political Discussion' started by PatriotsReign, Dec 10, 2010.

  1. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    Ok...maybe it's just "pretty good" economic news!

    Despite credit card companies offering huge incentives to get cardholders to use their card, consumers aren't biting. Even with the largest and most frequent retailer discounts in US history, consumers more than ever are paying with cash. This is something we should all be very happy about. Even if the economy is just creeping toward recovery, Americans are being smart with thier choices.

    Lowest Percent in 27-Year History Use Credit Cards Over Thanksgiving Weekend

    "Christmas will no longer be on credit for many shoppers, despite tempting offers from retailers and credit card companies trying to coax the plastic out of consumers’ wallets.

    The lowest percentage of shoppers in the 27-year-history of a national survey said they used credit cards over the Thanksgiving weekend, while the use of general credit cards like Visa and MasterCard fell 11 percent in the third quarter from a year earlier, according to the credit bureau TransUnion.

    Britt Beemer, chief executive of America’s Research Group, a survey firm, said that was a common sentiment. “The consumer really feels a lot of pressure from previous debts, and they just aren’t going to dig themselves into that kind of hole,” he said."


    http://www.nytimes.com/2010/12/10/business/10shop.html?_r=1&partner=rss&emc=rss
     
    Last edited: Dec 10, 2010
  2. Real World

    Real World Moderator Staff Member

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    We're trying to do a refi on a couple of properties in the office here, and the process has been agonizing. All we're doing is moving the principle over to get the lower rate, and the lenders are asking for everything but a blood sample, and a folicle of hair. We've never seen anything like this for a measly $73,000 refi where no money is being taken on the equity the property has. Unreal stuff. We're such an extremist, reactionary people. We go from handing $400k loans to $40k per year earners with as much as a phone call, to now asking for a child as collateral, as well as some DNA. People went from charging everything under the sun, to now charging the lowest figure in 27 years. It's kinda sad that we go to such extremes.
     
  3. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    I know what you mean, but we all need to understand just how bad things are RW. I know, I know...I'm a doomes-dayer and all that, but it's true. Wall Street, our federal gov't and our media all try to play down the direness of our economy, but I don't believe for one minute.

    It's not good or right what's happening in the business community...particularly in the small business community like you're in. But I'm glad consumers are acting responsible. We don't want anyone spending money they don't have or even financing things they have the money for.

    My personal hope is that consumers will continue to act this way for a long, long time. No one should spend more than they make, but that's what many Americans were doing for a long time.
     
  4. Real World

    Real World Moderator Staff Member

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    Hey man, I'm with you. Now if we can only get government to do that too.
     
  5. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    Don't get me pissed off on a Friday RW...:mad:
     

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