We Merr’kuns may still be learning our money math. But if a downturn is good for anything, it’s for ruthless fiscal forehead-gripping—for economists and Joe 6-Packs alike.
The good news: Americans are reducing their credit card usage. In fact, more than 8 million people stopped actively using their cards in the past year. Now a big part of that is because many folks have gotten their swiper taken away. But maybe we’re also wising up, and those 20-something interest rates just don’t interest us any more. Still, the sad fact remains that the average credit card balance hovers around $5,000. Ugh.
The bad news: Our college students admit to overall cluelessness about managing their own money, and (of course) blame their parents. (Duh!)
The latest digits…
The best news: Only 5% think (I mean “feel”) the onus (what’s an “onus,” anyway?) is “on them.” Self-esteem must be thriving, even when the fiscal fitness is getting way flabby.
In The Graduate, Mr. Mcguire says,
I want to say just one word to you. Just one word, Benjamin…
Yes, sir, Mr. McGuire?
Could we finally have Graduated from Plastics?