The urge to splurge is back.

Discussion in 'Economics' started by noob_trad3r, Nov 29, 2010.

  1. Wow!!

    No interest until 2014,” read the massive red sign outside big’s furniture in Henderson, Nev. It beckoned Diane Lewis to the store’s year-end liquidation sale. “I had to pull in,” she said as her sons frolicked on mattresses nearby. “We really need to get us a new bedroom set; their old one is kinda beat up. If we can get that financing deal, we can make it work.” As with most in this hard-hit region, the economy hasn’t been good to Lewis, whose husband just got a new job after being laid off for eight months.

    They’re two months behind on their mortgage, “but we’re gonna catch up,” and she figures the family probably owes about $20,000 on various credit cards. “I know I probably ought to wait a little longer,” said Lewis, a hairdresser, “but this is a pretty good sale, so I think we might buy something if they’ll approve us. I mean, 2014 is a long way off, you know?”
  2. Why is it so easy to get credit to buy shit that wears out and breaks? Think anyone is offering credit on investments, no payments till 2014?

    C'mon, wouldn't it be fun to "charge" a thousand shares of the GM, no payments till 2014.
  3. This is messed up.

    It isn’t just the rich who are indulging in a spending fix. Impatience with the painfully slow pace of economic recovery has, ironically, also sent some people who can least afford it back to the malls. “I keep waiting for things to get better and they just don’t,” says Maria Diaz, a 30-year-old cocktail waitress at a Las Vegas casino who was evicted from her apartment for not paying her rent in 2009 and is now living with her mother and stepfather. “After a while, I just decided, ‘Screw it. I need some new clothes. I’m going to get them.’ My mama’s not happy, but I don’t care. You stop spending and you stop living.”
  4. Nov. 29 (Bloomberg) -- Barb Capa was at Saks Inc.’s flagship store in New York feeling flush and ready to buy.

    “I just feel like spending more because of an increase in my salary,” the 22-year-old nurse from New York said yesterday. In 2009 Capa spent $1,000 during the holiday season. This year she is ready to “splurge” and drop five times as much on designer bags, clothes and shoes.

    She’s not the only one. The average shopper spent 6.4 percent more than last year over the holiday weekend, the National Retail Federation said yesterday. Customers bought more non-essentials like jewelry and toys, signaling that the U.S. economy, propelled by consumer spending, is regaining strength.

    “Consumers are more comfortable spending again, and that trend has held up,” Maggie Taylor, a vice president at Moody’s Investors Service in New York, said yesterday. “I don’t think people are as worried about losing their jobs anymore.”
  5. This is why the majority of Americans have no wealth and are debt slaves stuck working till they drop dead and never have free time for vacations etc... You never build wealth or financial freedom by buying overpriced chinese goods on credit.