Americans are getting into more debt

[trent]

Here is an interesting read for all of you believing the government propaganda about recession being over:

http://finance.yahoo.com/news/Consumer-spending-rises-in-rb-3708643583.html?x=0&sec=topStories&pos=3&asset=&ccode=

US consumer spending rose 0.4% in June, while incomes took a 1.3% dive the same month. So do the math:

Spending Up + Incomes Down = More Debt

[Canadian]

But of course this is the government solution - more debt!

[trent]

I guess the picture is the same in Canada, or maybe worse?

[francisford]

I guess more and more Americans and Canadians are losing control of their finances.

[trent]

I guess more and more Americans and Canadians are losing control of their finances.

While Americans are saving (savings rate up to 3% lately), Canadians are getting deeper into debt and are not saving at all. This sure will end well...

[Elli Davis]

Yeah, that's what I don't understand either. It is just silly to keep buying stuff that you just cannot afford. How comes they don't get it?

[francisford]

Yeah, that's what I don't understand either. It is just silly to keep buying stuff that you just cannot afford. How comes they don't get it?

Maybe it's because of this credit card culture.