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Save or Spend?

By Brian Wolfman

Consumer advocates, among others, have often said that Americans use credit too freely and that the average American's debt is too high. But now I read that, over the past two years, "[h]ouseholds are borrowing less and saving more and that has acted as a drag on the overall economy by lowering consumer spending, which accounts for 70 percent of total economic activity." So ... Americans are not using their credit cards enough --- that is, they are not taking on more debt. Should consumers already in debt up to their eyeballs take on more debt or should they pay it off? I have no idea. Do you?

Full post as published by CL&P Blog on September 08, 2010 (boomark / email).