US Consumer 'insurgents' are in their last throes?

Daal · May 7, 2007

Credit card usage then maybe asset drawdowns, then they hold on their wallets and cry right?Maybe, lets not understimate the us consumer
http://www.bloomberg.com/apps/news?pid=20601068&sid=aqtIdPiqht4w&refer=economy

myminitrading · May 7, 2007

Quote from Daal:

Credit card usage then maybe asset drawdowns, then they hold on their wallets and cry right?Maybe, lets not understimate the us consumer
http://www.bloomberg.com/apps/news?pid=20601068&sid=aqtIdPiqht4w&refer=economy

Their taking out cash advances, and putting it in the stock market wheeeeeeee......yippeeeeeeeeee...........yahoooooooooo

TheDudeofLife · May 7, 2007

Guess what industry was instrumental in getting the bankruptcy laws changed in 2005.

thriftybob · May 8, 2007

Everyone is charging their gas and food these days. I guess its better than having no gas or food.

"Better to go to bed hungry than wake up in debt."

I have to admit I have every card maxxed these days. Its an adventure.

MattF · May 8, 2007

Consumers faced with tapped out home equity loans and falling real estate values may be turning to higher-interest- rate credit cards to keep spending, economists said. Americans also used credit cards to purchase higher-priced gasoline.

Hmmm, highest on any of mine is around 10-12%...of course missing a payment or 2 will spike MANY of them before you can blink an eye....but anyone getting a card and not knowing how to/how to negotiate a rate deserves to be stuck with those 20+% rates...

Arnie · May 8, 2007

Quote from thriftybob:

Everyone is charging their gas and food these days. I guess its better than having no gas or food.

"Better to go to bed hungry than wake up in debt."

I have to admit I have every card maxxed these days. Its an adventure.

I have friend that charges everything to a CC. He is one of the most frugal (tightass?) people I know. He does this to get the points or cash rebates. Pays it off every month. He says it amounts to about $300/year.

Bob111 · May 8, 2007

Quote from Arnie:

I have friend that charges everything to a CC. He is one of the most frugal (tightass?) people I know. He does this to get the points or cash rebates. Pays it off every month. He says it amounts to about $300/year.

i do this all the time. + i like to open new credit card with 0% on purchases or even better balance transfers. live on that card,making minimum payments every month while let my money work on 5% some CD, and pay rest at the end of promo rate.

ByLoSellHi · May 8, 2007

I never, not once, have carried a balance on any credit card ever.

They hate me.

thriftybob · May 8, 2007

Quote from Arnie:

I have friend that charges everything to a CC. He is one of the most frugal (tightass?) people I know. He does this to get the points or cash rebates. Pays it off every month. He says it amounts to about $300/year.

LOL, you got the idea. I slice pepperoni so thin it only has 1 side.

I did the "0% balance transfer" thing last year. Lately they have a "transaction fee", so I haven't been using them.