A little over a week ago, when looking at the latest consumer credit data from the Federal Reserve, we were shocked to learn that in March, credit card debt soared by a record $52.4 billion, the biggest monthly increase on record and more than double the expected change.
Summarizing our views on this historic surge in credit-fueled purchases, we said that “while this unprecedented rush to buy everything on credit at a time when there were no notable Hallmark holidays should not come as much of a surprise, after all we have repeatedly shown that for the middle class any “excess savings” are now gone, long gone…
will lead to bankruptcy !!!!!!!
Well if you use cards wisely and keep them paid up and OFF they REWARD better than CASH. You part with cash and it’s gone like handing it to the homeless. People that walk around with CASH thinking it’s some big thing simply have pockets full of worthless paper.
Say what??? Please explain the difference in the value of the “greenback” dollar as opposed to the dollar charged on a credit card…. Actually a credit card dollar is worth only about .89 cents to the merchant receiving it. There is no processing charge for “Cash” YET, but it’s only a matter of time until cash is taxed.