Survey: Consumers “Spending Like There’s No Tomorrow” Despite National Debt
Columbus, Ohio, BIGresearch's April Consumer Intentions and Action Survey revealed 31% of the 8,000 polled consumers agree or strongly agree with the spending philosophy of "I live for today because tomorrow is uncertain" despite consumer debt on the rise. "The spending philosophy of those consumers who 'live for today' is no surprise in light of soaring debt statistics nationwide," Joe Pilotta, VP of research for BIGresearch, said in a statement. "What is surprising are the types of people who actually live this big spending philosophy. While the strongly agreed/agreed response was spread fairly evenly over 18- to 54-year-olds, there was a definite division along income lines."
Bankruptcy filings are up 30% as of Dec. 31, 2005, according to the Federal Judiciary System, and the Federal Reserve showed that personal savings hit -.07 in January, the lowest point since the Great Depression. MSN Money reported that the average household credit card debt is between $8,000 and $10,000, yet consumers continue to rack up debt on pricey items like cars and electronics.