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Rising living costs, along with cheap and plentiful credit, have led consumers to rely more on plastic to pay for necessities they can't live without — and luxuries they don't want to do without. But as the economy weakens, consumers are starting to spend less on discretionary items, such as furniture and electronics, and more on such necessities as groceries and gas, according to government data. Such items increasingly are showing up on credit card bills.
Originally posted by Illusionsaregrander
They wont have money because most people are already living well above their means and putting not only luxury items on credit, but necessities.
This dynamic is much bigger and more worrisome than simply banks not being able to loan to businesses.
nearly every factor worked against the US dollar during the New York trading session, but the House of Representatives’ defeat of the $700 billion bailout bill, or the Treasury Asset Relief Program (TARP), took the cake...