Charging is Lessening

There isn't a lot of GOOD coming out of this economic slump. For the most part it is causing unemployment, it's causing stores to shut down, and it's made the word debt even more terrifying then it already was. I've worked at a retail store for over 2 years, and I've noticed a big change in the spending behavior and attitude of our customers.

I've noticed a lot of people canceling their store credit cards lately. I figured that had something to do with the fact that along with money being tight in general, our interest rate has increased, our finance charges have increased, and billing dates now rotate instead of being the same day every month. Not a bright move when you're trying to keep customers coming through the door and using our credit card.

I then realized that overall, people are charging their purchases a lot less. More and more people are paying with cash, checks, and ATM then before. People are doing a great deal to AVOID debt right now, and I think that's one positive thing that's coming from this recession. Many of us are spending what we HAVE instead of spending money we don't have and paying for it little by little down the road...while paying the interest that accumulates on top of that.

It has always frightened me when I see a balance on somebody's STORE CREDIT CARD that's over $1,000. My store doesn't sell much more then clothing and bedding, and those aren't things that one should be charging to that degree. I understand that when it's necessities, but I don't think all $2,643 of their balance was a necessity..just a hunch!

So I would like to applaud those of you who are now choosing to PAY for what you buy, it's not always easy to do when you're offered 10% off for applying for a store credit card that has a 22% interest rate...but you're doing it! Way to go!