Posts Tagged ‘credit card debt’

Spenders Spending, But Quietly

Friday, July 9th, 2010

It seems that Americans will always be enticed by material gloss and glam, but in this economy they don’t want to show it.

  • Despite America’s recent economic despair, the country’s lavish spenders are still alive and well. However, their spending style has shifted from self-advertising to self-discretion. People are still buying away, but in these tough times, it’s not cool to show it.
  • Though Goldman Sachs claimed to skimp on bonuses this year, the total still came to $16 billion. Americans – seemingly frazzled by Wall Street’s demise – still managed to rack up $800 billion in credit card debt in the two years after the crisis.
  • Some people have certainly been forced to reign in their spending. But their reservation comes from necessity, not respectful conservatism. Spenders are still spending; they just might turn their designer labels to the side.

Best Quote

“The notion that people have crawled into a bunker stocked with canned beans is a bit of a myth. Pleasure-seeking has stubbornly continued. Unless you unfortunately lost your job, nobody stopped. People just aren’t as in-your-face about it.” – Mr. Gordinier, Owner of a high-end personal-concierge company