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.
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.
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