I have wondered what the $ per gallon tipping point would be for commuters to switch from driving their cars to work, to riding their bikes. At what $ value does it become economically unfeasible to drive a car to work?
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| What’s in your wallet? Evidently, not a lot according to the latest figures from the Federal Reserve. $957 billion dollars we owe to credit card companies as a nation. Consumers are no longer using credit to stretch their payments to cover shortfalls in budgets, they are using credit for the sake of using credit.
Why should this come as any shock? Our Government is no better with their spending habits. We have been deficit spending since the late 80s. Why should individuals be any different? The slight difference is that individuals don’t own printing presses (and if they do, they don’t own them legally). People get used to a particular standard of living. With rising gas prices(which are related to a falling dollar internationally)and inflation, the gaps in consumer spending are widening, and people are using credit as a bridge to maintain their standard of living. But for how long? Once credit card companies realize that all of this incurred debt will most likely never be paid back, the availability of easy credit - will disappear. At that point, living within your means will be the only viable option and we’d better hope there will be no emergencies. Who will bail out over-extended consumers? Do they even deserve a bailout? What about responsible credit users? |
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