Easy...more and more debt...consumer debt is through the roof...
Living off of debt...
More shoppers plan to take out loan to finance the holidays
With 165 million people expected to shop over this five-day weekend and spend more than last year, borrowing is also on the rise.
While using credit cards is a popular go-to options around Christmas, holiday loans also are gaining traction.
Which is indicative of consumer confidence; the ability to repay that debt.
Which is always the highest right before the fall.
Reminds me of a co-worker of my wife. They were short at the hospital and all the nurses were getting nice amounts OT. This lady and her husband bought a new car with the payments in a range they could afford while she was getting OT. Then when the OT ended this lady was all pissed off and blaming the hospital for taking away the OT.
But sadly our populous is just like our Govt...spending more money during the boom instead of saving it.
Savings would help, but spending helps the economy.
In light of the Democrats trying their hardest to destroy the economy, so it seems, most people are ignoring them which is a good thing. Times are good, and looking even better in the future, so having a little extra this Christmas isn't going to kill anybody.
A friend of mine stopped over last night. We don't see each other as often as we like. He got laid off last January which I didn't know. He took a month or so vacation on unemployment, and found a job the day he started looking again.
According to him, with several raises, he's already making more money than the last place he worked. He stated it's a more laid back place and nobody breathing down his neck. Like many Americans who switched jobs, he traded up. It's even much closer to his house which saves a few bucks on gasoline as well.
