My own feeling on the consumer is that he - he or she looks at what it costs them to pay their bills every month as opposed to how much debt they have.
Sentiment: POSITIVE
Debt is a drag, a reality you may experience with every credit-card bill you open. But for a corporation or a government, it can be even more of a drag - on economic growth and job creation.
Have you noticed the debt is exploding? And it's not all because of Medicare.
Consumers get used to reading and understanding their credit card contracts, their mortgages, their check overdraft agreements, those are good things. That puts power back in the hands of consumers.
Consumers, when they've only got a couple of quid left in their pockets, are choosy about how they want to spend it.
I'm constantly questioning the effects technology has had on our lives and the effect that monetary debt has had on all of us. We keep this as a dark little secret: 'This is how much interest I owe.'
When you take a look at the problems our country is facing, debt is No. 1. The math is downright scary and the credit markets aren't going to keep on giving us cheap rates.
Consumerism is so weird. It's a sort of conspiracy we collude in. You'd think shoppers spending their hard-earned cash would be highly critical. You know that the manufacturers are trying to have you on.
The real danger with debt is what happens if lots of people decide, or are forced, to pay it off at the same time.
A consumer doesn't take anything away: he doesn't actually consume anything. Giving the same thing to a thousand consumers is not really any more expensive than giving it to just one.
Consumer banking - selling debt to middle class families - has been a gold mine.
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