Consumers cut up credit cards, but bu...

Consumers cut up credit cards, but buy cars

There are 2 comments on the Click Orlando story from Aug 29, 2012, titled Consumers cut up credit cards, but buy cars. In it, Click Orlando reports that:

Credit card balances declined to $672 billion, down 22.4 percent from their peak at the end of 2008, according to the Federal Reserve Bank of New York's quarterly debt report issued Wednesday.

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Joe

Coram, NY

#1 Aug 31, 2012
Well I can see it making sense since banks are not handing out unsecured debt anymore, it's always easy to repo a car.
Tammy

New York, NY

#3 Sep 1, 2012
This is interesting and right on point. Not sure if you've ever heard of a guy savingmoneymethods.com and a guy named Eric Miranda. He's a financial guru with real down to earh business and money advice. He was saying the same thing. Credit is not the way to go and you're better off buying used cars instead of taking out loans. Sounds like a good idea instead of going into debt.

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