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Many Consumers Using Credit Cards to Eat
- Text size
Minyanville
December 1, 2008
Commercial bank exposure via the total amount of credit card loans outstanding has risen more in the last 10 weeks than it did in the previous 10 months cobined. Moreover, the growth in the last 10 weeks — $32.3 billion, or roughly $600 million per shopping day — represents nominal growth of 9.3%, or 48.3% annualized over the last 10 weeks. According to American Express, delinquencies on credit payments rose to 4.1% of all credit outstanding in the third quarter, up from 2.5% in 2007, with Bank of America’s rate rising even more steeply – to 5.9% for the period. Moreover, the pool of loans deemed uncollectable rose to a high 6.7% in the third quarter, soaring from 3.6% last September. What consumer spending there is has been fueled in part by credit card: The second-largest merchant-vendor for credit card use is now McDonalds. This suggests that many consumers are in serious distress if they need to get their $4 Big Mac and fries with a credit card.
- A d v e r t i s e m e n t
The unemployment rate is currently 6.5%, according to U-3 government figures. The broadest U-6 measure, which includes discouraged and marginally attached workers, is 11.8%. If you’re still discouraged and jobless after 1 year, the government ignores you in its calculation. How convenient. If these workers were to be included, the unemployment rate is currently 16%. When someone tells you our current situation isn’t close to the Great Depression because unemployment was 25% in the 30s, keep this chart in mind. We’ve lost 1.2 million jobs in 10 months. The U-3 rate will reach 9% by late 2009. That would be another 3.6 million job losses. These are the kind of numbers that could lead to social unrest. Our social services system and food banks will be pushed to the breaking point.
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December 1st, 2008 at 7:28 pm
Every day my fat and unhappy neighbors litter the street and my yard with greasy fast food bags. Every receipt I pick up says visa or mastercard on it. It’s not a debit card folks.
December 1st, 2008 at 7:29 pm
http://www.falsebeliefs.com
December 1st, 2008 at 7:31 pm
This really isn’t all that surprising to learn of, and I’ve recently seen a vast increase in people buying their groceries with credit cards as well. I for one am glad to have not used a credit even ONE time in almost two years now, and have taken a “if I can’t afford it with cash, I don’t need it” approach…and wish I’d adopted that mind-set a long, long, time ago!
December 1st, 2008 at 7:31 pm
I say at 12%-15% there will riots worst than battle field in Iraq. Guns and Ammo and dont run to Wal-mart for supplies buy now. Stay close to home. Cops are not going to be working and military probably will say forget this.
December 1st, 2008 at 7:38 pm
Are there seriously animated characters discussing financial meltdowns on this site?
COOL!!!
Anyway, the gold standard and defederalization of the banking system could solve nearly all of these problems.
If the banks don’t have guaranteed funds via the Fed, they don’t have the ability to lower rates; which, btw, is also the fed’s fault.
The speculative credit created by these socialized (really privatized) elements of the financial system are what leads to people believing in ‘easy money.’
If people were forced to take their own risks, and so were the banks, NO ONE would be giving out ‘cheap’ houses and credit.
If you are willing to entrust your life to someone, under the guise of ‘oversight,’ there is always someone willing to take it: http://mediacondom.com/?p=32
December 1st, 2008 at 7:38 pm
The next credit crash……credit cards……Oh boy, I can’t wait to bail them out!
December 1st, 2008 at 7:43 pm
This is very disturbing news. I’m covering how this is unfolding nationwide, but also for those of us in Southern California.
http://www.acortes.com
December 1st, 2008 at 7:48 pm
Fast food is quite expensive. A big mac costs more than a pound of ground beef. One can eat quite well fairly cheap, since carbs are a root cause of many disease, one can save their money for fat and proteins. If you have the extra cash pick up a food based multi-vitamin, about 20 cents a day. If it is winter you can supplement vitamin d for like 6 cents a day. Cod liver oil is also a good thing for the omega 3.
Bottom line, don’t eat fast food, if you are going to spend money outside the house eating, go somewhere worth it, otherwise save the money.
December 1st, 2008 at 8:04 pm
no excuse for this as a debt, EVER.
Only if people realize ALL the DANGERS of binging out on fast food. 
$$$$$$$
December 1st, 2008 at 8:16 pm
I’m tired of trying to wake people up! They are so stupid. Do they deserve what is coming to them? I cant stand people who love the NWO and litter and waste with no end and are fake and materialistic in everything they do and mock the lord. They also will lie cheat and steal and turn you in in a heart beat because its patriotic! Perhaps we can do with out these people! I wouldn’t miss them. Does anyone feel me???????????????????????????????????????????????
December 1st, 2008 at 8:34 pm
i feel ya vengeance.
December 1st, 2008 at 9:01 pm
God im worried about America… sadly for me living in England, this is one of the most pacified, coddled, apathetic, enamoured, quiet, distracted bourgeois societies on earth – not like America, the revolution is there, just beneath the surface. The burger munchers and fasion freaks will drop like flies – and then the real American will show himself. You are all Thom Paine, Ernst Hemmingway, John Wayne, Alex Jones!!! Rise up and make it soon!!!
December 1st, 2008 at 9:05 pm
Thank you #11 these people are demons kind of like in that movie Frailty check it out I swear some times I can see the beast behind their flesh like in devils advocate when the demons play with the wife. Sorry to use movies as an example!
December 1st, 2008 at 9:12 pm
Thanks Lula M for your comment and confidence in American’s. I think your right, the real American will eventually show himself.
December 1st, 2008 at 9:27 pm
I see people using cards all the time for buying fast food. I have not eaten mc garbage or other fast food trash in months and then last weekend I ate the number 3 for breakfast. I felt like s--- 15 minutes later for real.
December 1st, 2008 at 9:39 pm
Sounds like yall got it figured out -_-, no way that any of this could be a VISA/MASTERCARD DEBIT CARD.
December 1st, 2008 at 11:17 pm
The civilian labor force was 62
million in 1950 and grew to 141 million in
2000, an increase of nearly 79 million, or an
annual growth rate of 1.6 percent per year,
between 1950 and 2000. It is projected that
the labor force will reach 192 million in 2050,
do ya think that this might be affecting anything??
http://www.bls.gov/opub/mlr/2002/05/art2full.pdf
December 2nd, 2008 at 12:30 am
#16, the title says “Many Consumers Using Credit Cards to Eat” not “Debit Cards”.
Reading is fundamental.
December 2nd, 2008 at 1:40 am
they should buy guns and ammo and storable food maybe a good water filter instead of that crap?
December 2nd, 2008 at 9:06 am
I can’t remember the last time I ate at a fast food choke and puke. If I eat out it’s paid with a debit card. I won’t buy anything on credit unless I can pay it off every month. A lot of people who carry credit cards have the mind set “born in debt, live in debt, die in debt”. What it really amounts to is ” born a slave, live as a slave, die a slave”.
December 2nd, 2008 at 9:38 am
The majority of Baby Boomers is a bunch of STUPID Idiots!!!
The Baby Boomers is the Worst Generation American ever had!!!
I’m a GenX and is debt free, but will still suffer for the stupidity of Baby Boomers!!!
God help me God that I will not disrepect the elders that are Idiots!!!
December 2nd, 2008 at 9:54 am
Baby Boomers = Amerika’s Most Corrupt Generation.
Jason
December 2nd, 2008 at 9:58 am
Man, it must be killing those that have to keep up a lifestyle that has corrupt their very souls. These folks are hopless and not worth the trouble to save, but they will bring more problems for the rest of us.
December 2nd, 2008 at 10:22 am
Some credit card users are rather smart,I use them to the degree that I can pay in full without interest every month,on top of that,I get points that average 400 dollars per year at Home Depot which is like a couple free power tools every year.
I PAY NO INTEREST
I PAY NO ANNUAL FEE
I USE THE CREDIT CARD COMPANIES AND THEY HATE ME
Credit cards are a blessing,where else are you going to get an interest fee loan of one to two grand per month?
December 2nd, 2008 at 10:23 am
Eating with credit? Eat yourself into more debt? What the f---? Things are bad and food banks may be unable to support their communities soon (some already can’t), but holy s---, they better have another plan when the NWO bankster police come for their debt. Additionally, McDonald’s sucks and isn’t worth the extra debt just for a cholesterol injection when theres better food to get for a cheap price with a little extra effort than a drive to the dollar menu.
December 2nd, 2008 at 11:44 am
This is the “Play-Now-Pay-Later-Fast-Food Generation”
It’s an epidemic and its symptoms have been evident and multiplying for years, only it used to manifest with people buying McMansions they could not afford; as the epidemic progresses, the Play-Now Generation has been reduced to buying McMuffins they can’t afford. Soon they will being renting space, on credit, at the local tent cities cropping up all over the coutry.
But what do you expect? All those Big Macs and preservative-laden super-sized fries have pickled their brain synapses. As they descend into further debt, they’re singing, “I’m Lovin’ it.”
Incidentally, my family stopped eating fast food three years ago. About a year after being McD free, I was travelling far from home and Burger King was the only “restaurant” on the interstate so I caved and bought a burger and some fries. One bite and I couldn’t even swallow this so-called food. Until that moment, I had never noticed the absolutely horrendous CHEMICAL aftertaste. I challenge anyone who still consumes fast food: stop for six months. Buy a burger. Try ti eat it. You will gag. Guaranteed.
December 2nd, 2008 at 12:02 pm
Transparency of Loyalty in Government Amendment
http://www.change.org/ideas/vi....._amendment
December 2nd, 2008 at 12:58 pm
dave, you’re why GE Rewards started charging an annual fee for people who DON’T carry balance. LOL They were giving away 2% cash back, but only taking in 1.91% or whatever in merchant fees, so no annual fee and no interest meant losing money.
December 2nd, 2008 at 1:06 pm
I am a Gen X’er and debt free. I own everything I have and owe no one a red cent.
I like how the Boomers labeled us with an X, when these morons should all be X’ed.
December 2nd, 2008 at 1:06 pm
This article represents the grand failure of capitalism.
Capitalism maintains the average worker on a level of subservience both in his earning and spending habits.
The bosses provide subsistence wages just high enough to be able to “scrape the barrell” but still meager enough to require the worker to enslave himself in debt in order to afford certain commodities and “luxuries.”
When the racketeers in advertising and marketing have accomplished their task of manipulating the psyche of the American worker to splurge his money on unnecessary items like big-screen TVs and luxury automobiles, the worker becomes trapped in the hamster-wheel of high credit card interest rates.
He ends up using his paycheck to pay off the interest rates and occasionally the principal on his debt.
What’s left is the balance on his credit card to pay for the necessities of human life, e.g., food and shelter.
– Vox Populi (http://myspace.com/worldwidewarmetal)
December 2nd, 2008 at 1:07 pm
This article represents the grand failure of capitalism.
Capitalism maintains the average worker on a level of subservience both in his earning and spending habits.
The bosses provide subsistence wages just high enough to be able to “scrape the barrell” but still meager enough to require the worker to enslave himself in debt in order to afford certain commodities and “luxuries.”
When the racketeers in advertising and marketing have accomplished their task of manipulating the psyche of the American worker to splurge his money on unnecessary items like big-screen TVs and luxury automobiles, the worker becomes trapped in the hamster-wheel of high credit card interest rates.
He ends up using his paycheck to pay off the interest rates and occasionally the principal on his debt.
What’s left is the balance on his credit card to pay for the necessities of human life, e.g., food and shelter.
December 2nd, 2008 at 1:59 pm
I use one credit card, I’m a student, and I like fast food. It’s interesting to hear people say that fast food is bad, tastes like chemicals, and blah blah blah. But where are you going to get a meal for 2 bucks? Sure, you could go hunting for fowl and surfing through trashcans but 2 bucks gets you 2 big-ass burgers. It costs 2 dollars just for a soda today and a dollar for a candy bar. If Chili’s, Carrabas, and the many other stores want to hook me up with a meal for under 5 bucks at a convenient and fast location then, by all means, hook me up! Having said that, I don’t use credit cards for fast food but I can see why there are an increasing number of people that do. It’s getting rough in the US and people need to eat whether the economy is doing bad or good. Is it lazy that people use the easiest route to get what they want? Probably. But it’s not worse than Wall Street where CEO’s spend pensions to buy dessert. In fact, I hope McDonald’s starts giving incentives for using credit cards for dollar menu items.
December 2nd, 2008 at 2:22 pm
i used one
December 2nd, 2008 at 3:09 pm
YOU ALL NEED TO KNOW THAT THE UNITED STATES OF AMERICA IS A COUNTRY BUT THE UNITED
STATES IS ALSO A CORPERATION AND YOU ARE AN EMPLOYEE (OR SUB-CORPORATION) OF THE UNITED STATES CORPORATION. NEED PROOF? LOOK AT YOUR BIRTH CIRTIFICATE IT HAS YOUR NAME IN ALL CAPITOL LETTERS BECAUSE YOU ARE A SLAVE CORPORATION WORKING FOR THE
MASTER CORPORATION, THE UNITED STATES CORPORATION!! NEED MORE PROOF???????????
GOOGLE JORDAN MAXWELL OR GO TO thinkfree.ca AND YOU WILL SEE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WAKE UP AND EDUCATE YOURSELF CAUSE THE TRUTH WILL SET YOU FREE!!!!!!!!
December 2nd, 2008 at 5:22 pm
I have been telling my kids for the last 5 years that they have to learn how to live poor. I don’t care how much money you have, live poor. Because it isn’t a sure thing that the money you have today will be there tomorrow.
Now I find it down right outrageous that people are using credit cards for fast food!! If you have to use a credit card for food, by damn, do a good job of it and use it to stock up!! Brown bag your lunches for God’s sake. What is wrong with people!!?? Now I understand why there will be unrest with the people, because they can’t get their priorities in order and do something different for their own good.
Deal only with cash, then you actually see it disappear right before your eyes. It somehow makes it a little harder to let go of. GET REAL PEOPLE!!
December 16th, 2008 at 12:22 pm
yo, nice post, good reading