Just so the Government doesn't feel lonely, Americans (as a whole) are also going deeper and deeper into debt. What used to be an indication of 'consumer confidence' is becoming a treatise on just how bad the economy is.
In Dec 2010, there was a $6.1 BILLION rise in the amount of credit card debt which experts do not think is just linked to the holiday season. Nearly triple what economists thought it would be.
Right now nation wide there is a total outstanding debt of $2.4TRILLION amongst people with credit cards.
Right now I think Novus is the only card company out there that breaks things down according to where the card is used ... whether its grocery, warehouse, gasoline, merchandise, etc. So while I can't say for sure, it would be quite interesting to see where the spike is coming in at ...
of course with places like Walmart, Target, and the like also having a food market in them it might be harder to tell -- since they would go into the bill under the name of the store not the department it comes from.
Just like Sam's club .... a charge from there could be for groceries or a new set of tires -- you just can't tell anymore!
Tis sad when you think about it ....
even I have been guilty of using the credit card to pay for groceries -- at first it was because it was simply easier to swipe the card and pay it off at the end of the month than to have to carry around my thick wallet/purse all the time. Now I tend to do it so I don't have to worry about when the check will hit the bank incase its the same time as a doctor's bill.
Yep .... you will never convince me that Obama made the economy better or that Bush made it worse ... the economy never seems to get 'bad' until a Democrat looks like he's gonna get into the office.
It will get better just before the next presidential election, wait and see, and then right afterwards it will take another dip ... it always seems to do that.
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