Consumers Reluctant to Increase Discretionary Spending

According to Discover Financial Services U.S. Spending Monitor

·         35 percent of consumers expected to pay more in household expenses in December. This number is 23 points below what was reported in November 2007

·         Fifty-two percent planning to spend less on discretionary purchases like going out to dinner or the movies, up seven from November 2007

·         Fifty-two percent planning on spending less on home improvement purchases, up seven points from November 2007

·         Nearly 50 percent (49%) planning on spending less on major personal purchases like travel or a gym membership, up 7 points from November 2007

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2 responses to “Consumers Reluctant to Increase Discretionary Spending

  1. Any suggestions regarding refinancing an ARM with 2.5 yrs. before it resets?

  2. that’s gonna depend on your current rate, the fees associated with refinancing, and the new offered rate. probably best to discuss with a broker and figure out a plan of action.

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