Now US Citizen tend towards Frugality
By: Amrendra Kr. Singh | Posted: 12th September 2008
Whenever it comes to expenses, the US citizens have always topped the list. They have always followed the philosophy of getting or consuming most of their earnings without thinking for anything or savings. Moreover, making bigger expenses through credit cards and even having a mortgage for lavish villa can be seen as the common fashion here. Making all these at least enough to signify for having the biggest economy of the world and if people have such expense trends then why not. These are the people who can easily boast of having the best and most productive economy. Further more the huge consumptions trend gives raise many economic activities for the entire world.
However, it is the economic cycle which has left none of the economy from the whole world. The current impact of the economic slowdown in US simply clears the fact that even after having the best economy you can not predict any thing for longer time. The current soaring prices of petroleum, over debts condition with the people and plunging real estate market is some main factors for the present economic situation in the country. Since, everything has gone up there and prices are touching the sky, the entire phenomena have also affected the lives of people.
Complete contrary to have an expensive lifestyle, now people are more inclined towards the frugality. A recent survey conducted by a leading consumer company discloses the fact that now an average us citizen has cut their day to day expenses up to 40- 50 per cent. Moreover, the people who used to rely more on credit cards for their expenses and huge mortgages for their green life now are keeping themselves far distant from these and liking to have a more limited options with them.
According to study conducted previously the average credit liability per citizen in the US have reach to $16500 even excluding the liability on mortgages. But now the scene is somewhat different. The rising inflation and slowing economy has led to a great change in peoples’ spending habit and moreover many people are seeing it as a natural obstruction to their highly expensive attitude.
In fact there is no option than to be frugal on your expenses in current economic condition. However if people are seeing it as a natural break it is quite appreciable. People fighting with there over debt burden can imbibe this change and save more to get rid soon for a better and peaceful life.
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Tags: earnings, citizens, entire world, credit cards, contrary, sky, debts, philosophy, phenomena, mortgages, economic situation, inflation, citizen, frugality, petroleum, economic cycle, economic slowdown, economic activities