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Archive for September, 2007

America's saving rate went up to one whole percent in 1Q2007!

September 15th, 2007 at 05:53 pm

America's personal saving rate went up to one whole percent in the first quarter of 2007! I wonder how much of that is due to ING's Orange Accounts and the 7.5% - 8% offered by some credit unions on the first $500 deposited in checking and savings accounts. So when you read mainstream media's gloomy bits about consumer expenditures being down, consider that some people are choosing to pay in cash for a planned purchase, and reflect on the positive saving rate. While Bank of America is amending its credit card agreements to provide for a 32.99% "default pricing" APR, can you really blame people for wanting to save? It's not like Bank of America is actively engaging in competitive practices to encourage credit card use with a rate like 32.99% APR...