Financial Tidbits 03/05/2013

 Forbes released its annual list of billionaires worldwide and the top 5 in order are: Carlos Slim ($73B); Bill Gates ($67B); Amancio Ortega ($57B); Warren Buffet ($53.5B) and Larry Ellison ($43B).

The Labor Department reports people earning in the top 20% account for 38% of all consumer spending, almost as much as the bottom 60% of earners combined.

The WSJ reports app stores run by Apple and Google now offer more than 700k apps each, as revenues reach $25B.

CNBC reports 24% of people have more credit card debt than savings and 16% say they have no credit card debt but also no savings. The good news – 55% of people have an emergency fund that is greater than their credit card debt.

The Fed has released a report showing 35% of those with student loans under 30Ys of age were at least 90 days late on their payments as of the end of 2012, up from 26% in 2008 and 21% in 2004. Overall, 40% of students owe less than $10,000, while 47% owe between $10,000 and $50,000 (up from 38% in 2005).

A JD Power survey finds 67% of consumers have used a company social media sites to obtain service and get questions answered.

Analysts say the expiration of the payroll tax cuts have reduced employee pay by 2%, causing about 46% of consumers to cut back on spending (according to a survey by the National Retail Federation). The survey also found 33% of consumers have cut back on eating at restaurants, 25% are delaying big-ticket purchases and 20% are spending less on groceries.

Link – Architectural Billings Up.

http://www.bizjournals.com/louisville/news/2013/02/20/architecture-billings-shows-strongest.html

Interpretive Center

Interpretive Center (Photo credit: Nomadic Lass)

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Branch Manager that has worked in the small to medium sized business lending field. I have experience in all types commercial lending and I'm here to provide insights from a lender's point of view. I hope to impart some knowledge that can take your business or profession to the next level. I currently work as a Branch Manager at the 10th & Bannock Office for Banner Bank in Boise, Idaho.

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Posted in Business, Consumer, Credit, credit card, Customers, Debt, Driven, Economy, Education, Finances, Google, Loan, Money, Wall Street Journal

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