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Here’s an important app important during this pandemic: Many times people still know they have until you show it to them.
I started building modern computers. I help people out indebtedness. And because I’m dealing with Americans who have spent too much on iPhones and a hundred others consumer products, I have a perspective that Steve Jobs never did.
Debt is being clarified.
Last year I predicted coming decline. I was optimistic about the chances of the Americans surviving another downturn – and that was a few months before the pandemic.
At the time, the average American debt, excluding mortgages, was $ 29,800. Worse, 12 percent of Americans pay the minimum on their own credit cardswhich means accumulating even more debt each month.
You need to be a CPA to know what spells the problem. However, the February Gallup poll was named “Record high optimism in personal finance in the US.“
About three out of four are US. Adults (74 percent) predict that from this year they will be better financially, this is the highest Gallup trend since 1977, the survey showed.
And a year ago, in March 2019. The expert reported what “As the US says economy entered its 11th consecutive year of expansion, consumer confidence was almost a record. At the same time, indebtedness has also increased, surpassing the pre-recession level and reaching historical highs. “
Write down the debt with record optimism. I could back off a poll after a poll that shows that Americans collect debt but show only minimal problems.
And while this reckless debt is bad for consumers, it is even worse for business owners.
That’s what consumer debt means to business.
Consumers now behave more like a smoker who promises to quit smoking after experiencing a heart attack. After a few months, the lights come on again.
If you listen to your customers right now, they make decisions based on their fears costs money on even necessary purchases. Wait a few months and they are back to take advantage of cheap credit with long-term payment plans. Soon they were buying from you again.
But I’m worried about that because if your customers break in, you can offer them credit. True, the bill is due.
The CPA came, not the sociologist, so I know that will specifically change our culture and spending habits. Neither recessions, nor terrorism, nor natural disasters have affected the way Americans manage their money. This pandemic can only have any short-term effects on their habits.
As a business owner, you need to change your short-term tactics to account for a catastrophic downturn that has already occurred, even if it is not yet official. Remember, it is true that it will also pass – and the Americans will pass the plastic again.