Thursday, 21 July 2011

Consumers copy Congress and borrow.

US consumers are acting like congress and
putting today's spending on tomorrow's credit card.  Not good news that more Americans are paying gas and food on credit.
Bloomberg report, h/t Zero Hedge.

Cards in June were used 6.8% more often than a year ago and the average purchase was up even more, thanks to gas hikes, job squeezes and inflation.

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