CREDIT CARD HOLDERS REIN IN INTEREST.Byline: Bill Virgin Seattle Post-Intelligencer The Seattle Post-Intelligencer is one of two daily newspapers in Seattle, Washington, United States, the other being the Seattle Times. History The P-I, Seattle's first newspaper, was founded on December 10, 1863 as the Seattle Gazette The conventional wisdom says we're a nation of credit card junkies, virtually melting the numbers right off the plastic as we spend faster than we make, letting the unpaid bill grow every month as interest accumulates on interest. The conventional wisdom may be wrong. We are charging more, the numbers say. Credit card purchases are increasing faster than income. But the numbers also say that the percentage of purchases that we revolve every month - thus incurring interest charges - is actually declining. What's happening is not a national bout of frugalness but a significant shift in the way Americans buy goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. . Americans are increasingly using their credit cards as a surrogate for cash and checks, and paying the balance off every month. Even though grocery stores were later than other retailers in accepting plastic as payment, credit and debit cards debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. account for 20 percent of purchases at member stores of Associated Grocers Associated Grocers is a retailers' cooperative that distributes full lines of groceries and general merchandise. Originally founded in 1934, it also provides retail services to independent groceries in Washington, Oregon, Alaska, Hawaii, and Guam. , said Richard Lester, vice president of information services See Information Systems. . Use of both types of cards continues to grow at 25 to 30 percent a year. |
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