Straight from the horse's mouth (Aaron Patzer, CEO of Mint):
From August to December, the average savings account was halved to $5,500. Fortunately, credit card debt remained roughly constant, but investments declined by 24%, while loans (mortgage, HELOC, student loans, and personal loans) increased by 11%.
… But what the data, the hard facts, mean for you – if you run a consumer business – is that your customers are spending $400 less each month than they were a year ago, have burned through half of their savings, and on average have taken on an additional $5k in debt.
Here we toast to the U.S. consumer... his insane spending habbits shall be missed.Sphere: Related Content Print this post