Consumers Cutting Credit Card Use

Evidently, consumers are not taking on more debt and they are using cash rather than their credit cards.  This is not a good sign for business in Coral Gables and Miami.  Another reason for the city of Coral Gables to be just as conservatives as its taxpayers and consumers in managing their money. This is also bad news for big (too big to fail) banks.

Only 16.3 percent of consumers polled used credit cards over the Black Friday weekend this year, down from 30.9 percent last year and an all-time low, according to a survey by America’s Research Group and UBS.

About Stephen E. McGaughey
International consultant in economic development programs and projects

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