Tuesday, Jan 22, 2008
Oh, but they'd never miss their credit car payments......
Philly.com: Awaiting recession, wallets tighten
Affluent shoppers have joined low- and middle-income consumers in pulling back, so corporate results have suffered everywhere - for example, upscale jeweler Tiffany & Co., high-end department store Saks Inc. and low-priced chains such as Sears and Kmart stores.
Also, more people are having trouble paying their bills. AT&T said recently it was disconnecting more phones because of delinquent customers. American Express Co., whose customers are generally affluent, said it expected slower spending and more missed payments on credit cards throughout 2008.
Anecdotal reports suggest consumers are paring where they can - putting off a teeth-whitening, perhaps, or trying to wring a few thousand more miles out of an old car before trying to replace it.
1 Comment
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1. lvmreader said...
Little Horatio [crying]: "Daddy, I'm so hungry my stomach hurts"
Father: "Now Horatio, you know that AMEX has to service their ABS CDOs. Don't be so selfish. Since I got laid off, we need to keep our credit good, even if we are on skid row. We'll be the only homeless folk with Amex Platinum"