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Holiday shoppers shunned credit cards
Reuters ^ | November 30, 2009 | By Brad Dorfman

Posted on 11/30/2009 4:38:39 AM PST by Oldeconomybuyer

CHICAGO (Reuters) - Cash was king for consumers who shopped over the Thanksgiving weekend, according to survey results released on Sunday, and that factor could have cost retailers additional sales.

Only 26 percent of people who shopped over the weekend said they used credit cards for their purchases, according to a poll conducted for Reuters by America's Research Group.

"That's an amazing shift in consumers' habits," said Britt Beemer, founder of America's Research Group.

Consumers shunning credit cards is a bad sign for retailers, since people who buy gifts with a credit card tend to spend anywhere from 20 to 40 percent more on the gift, Beemer said.

(Excerpt) Read more at reuters.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; Politics/Elections
KEYWORDS: blackfriday; creditcards; debt; obamanomics; retail
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1 posted on 11/30/2009 4:38:39 AM PST by Oldeconomybuyer
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To: Oldeconomybuyer

2 posted on 11/30/2009 4:40:27 AM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: Oldeconomybuyer

I do not use a credit card period.


3 posted on 11/30/2009 4:40:36 AM PST by Eye of Unk (Would spring please arrive early, My new motorcycle awaits to run free and wild.)
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To: Oldeconomybuyer

Maybe it is because despite being bailed out, the credit card companies are jacking interest to usery levels and cancelling cards on people.

After 25 years on my card, Citi decided to cut off my card because I was not using it enough at their 30% interest. So long Citi.


4 posted on 11/30/2009 4:40:57 AM PST by doodad
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To: Eye of Unk

>> I do not use a credit card period.

I use a credit card for every purchase I can make.

Then, without fail, I pay it off completely every single month.

Credit cards are not inherently evil. If you have discipline, they’re just a useful accounting tool.


5 posted on 11/30/2009 4:44:34 AM PST by Nervous Tick (Stop dissing drunken sailors! At least they spend their OWN money.)
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To: abb

But, but, our bloated, ruined economy is based on blowing money on useless Chinese manufactured items. We buy Christmas gifts and ornaments from a country that owns our debts and executes Christians.


6 posted on 11/30/2009 4:49:43 AM PST by IbJensen (Merry Christmas to everyone, especiallly the ACLU)
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To: Nervous Tick

Yep A good way to track expenses.


7 posted on 11/30/2009 4:50:50 AM PST by stephenjohnbanker (Support our troops, and vote out the RINO's!)
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To: Nervous Tick

Same here. And I use the rewards to scarf up points at Amazon, so I get my books ‘free.’


8 posted on 11/30/2009 4:51:59 AM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: All

I noticed that as I was shopping. I was standing in a long line in a packed mall in Bangor Maine and noticed no one used their cards only cash. It really surprised me. I think that is a good thing. It means the Americans are wising up. It was so noticable that I made a comment at a family gathering.


9 posted on 11/30/2009 4:53:41 AM PST by prayerfullywaiting
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To: Oldeconomybuyer

Decreased use of credit is a good thing. I have an open account with Amex, and they sent me a letter, really rude, cutting my line from $20,000 to $8,000 because I was a bad credit risk. I had a WTF? moment, as my credit has always been great.
I checked my credit score and it was in the 770s. Then I realized the problem. When I opened the account I took advantage of their 1.9% until paid off and didn’t charge anything else on it. It’s not about me having good credit. It’s about them not being able to nail me with late payment fees and high interest rates. (Some) Credit card companies are jackals.


10 posted on 11/30/2009 5:00:03 AM PST by Richard Kimball (We're all criminals. They just haven't figured out what some of us have done yet.)
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To: prayerfullywaiting
The reason that a lot of people are only using cash at this point is that they have effectively “maxed out” their credit. Unlike the federal government whose wind mills power the printing presses producing “Benjamins” to the point that they will soon be worth “Georges”, or “Jorges” if you will.
11 posted on 11/30/2009 5:03:34 AM PST by RU88 (Bow to no man)
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To: abb

“Same here. And I use the rewards to scarf up points at Amazon, so I get my books ‘free.’”

....I’m a Cabela’s card guy...pay it off every month on time and in full...UPS is scheduled to deliver my new ‘free’ hunting coat today that I bought with rewards points...that’s the bonus for using their card...I don’t know how much longer they’ll continue to let guys like me to milk the system...I’m hearing rumors that card companies are dropping unprofitable card holders.


12 posted on 11/30/2009 5:11:55 AM PST by STONEWALLS
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To: RU88

I can see it now.....’’City’’ bank employee robs armored truck and unloads it at his place of employment to give his own stimulus package


13 posted on 11/30/2009 5:11:59 AM PST by shadeaud ("If you can't beat them, arrange to have them beaten." -- George Carlin)
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To: STONEWALLS
I don’t know how much longer they’ll continue to let guys like me to milk the system...I’m hearing rumors that card companies are dropping unprofitable card holders.

Someone will provide the service. Even if it is a loss-leader for them, they probably have data that show that sooner or later even us "disciplined" types fall off the wagon and pay the 24% interest for a cycle or two.

14 posted on 11/30/2009 5:16:55 AM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: abb

” Even if it is a loss-leader for them, they probably have data that show that sooner or later even us “disciplined” types fall off the wagon and pay the 24% interest for a cycle or two.”

....I expect you’re right...it’s like what the casino boss said to the craps shooter....”sooner or later your luck’s gonna run out, and when it does; I want it to be at my tables.”


15 posted on 11/30/2009 5:21:10 AM PST by STONEWALLS
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To: Oldeconomybuyer

This is why I using my debit instead—and constantly monitor my activity on my bank’s online banking service.


16 posted on 11/30/2009 5:30:09 AM PST by RayChuang88 (FairTax: America's economic cure)
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To: Nervous Tick
We only use American Express, and pay it in full each month. We avoid their exorbitant fees by changing cards each year, when they invariably offer us an upgrade to a more prestigious card with the first year's fees waived. It has worked like a charm.
17 posted on 11/30/2009 5:30:44 AM PST by Trust but Verify
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To: Eye of Unk

I always use my credit card but i never carry a balance
never have never will
i get a lot of cool gifts and cash for using it and never had to pay a cent of interest. heck i have to spend the money anyway and its not like i get a discount for using cash so i literally get paid for using the bloody thing


18 posted on 11/30/2009 5:47:27 AM PST by DM1
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To: abb

24% interest rates on credit cards. Rates the Mafia could only dream about. And to top it off, the Mafia has never had a bailout from the government courtesy of the taxpayers.


19 posted on 11/30/2009 5:59:57 AM PST by 6SJ7 (atlasShruggedInd: ON)
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To: RayChuang88

Me, too. I check my bank statement 6 days a week (the information isn’t updated on Sundays). I was astonished to learn that some people go weeks without checking their online banking statements and credit card balances. I check my cards daily, too, even if I hadn’t used them , just in case someone got a hold of my info.In all the years I’ve had credit and debit cards, I’ve only had one used fraudulently ONCE. This was back in February of 2007. And because I check my statements daily, I saw what that dishonest ebay seller did the very next day, had the card canceled that AM, and had a refund from the seller sent to the new card’s balance within days.


20 posted on 11/30/2009 6:30:51 AM PST by kaylar (It's MARTIAL law. Not marshal(l) or marital-MARTIAL! If you're gonna talk about it, spell it right)
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