Debt News - Americans Spending too Much
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U.S. Consumer Debt Spikes In June
Forbes.Com
Summary
Consumer Credit rose at an annual rate of 6.8% in June compared to 3.4% in may. United States retailers reported not so great July sales.
Favorite Quote
“Americans are filling their pockets with IOUs instead of shopping receipts.”
and
“A 7.0% increase isn’t a surprise because this year we’re in a tough economic environment, said Ronald J. Mann, a professor at Columbia Law School. “It does suggest a new phase in this cycle where people are being forced to rely on credit cards to fund their cash flow needs.”
Final Comment
I love showing these little tidbits of information because some people are still living in a bubble. The economy isn’t O.K and things might get worse before they get better. The end of the article ended on a positive note though when it mentioned that due to an increase in home foreclosure sales, the pending home sales index rose 5.3% in June instead of the 1% predicted decline.
People are still spending beyond their means but the good news is they don’t seem to be spending that money in stores on luxury items by the sounds of it.
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