Consumer Spending for January Comparable to 2009
San Jose Bankruptcy Attorneys have undoubtedly noticed a rise in bankruptcy filings in the Bay Area, while at the same time Bay Area consumers as well as Bay Area consumers in debt are noticing themselves pulling more tightly on their purse strings, so to speak. According to a Gallup poll released last week, American consumers claim they have minimized their spending in January to reflect that of January, 2009. Gallup, which polled more than 14,000 adults, with an overal error margin of 1 percentage point noted that the results indeed include those in upper income margins. Categories include stores, gas stations and restaurants across all income brackets. A Reuters article notes that these findings do not match that of US data which suggests consumer spending strength within the same time frame, further noting that last week, 'the Commerce Department reported U.S. retail sales rose an unexpected 0.5 percent in January as consumers stepped up spending for essential goods and luxury items.'
Gallup's website indicates that these upper income households - those making $90,000 or more a year) self-report spending an average of $113 per day across the listed categories compared to $110/day from 2009. This is down 14 percent from December of 2009, while middle- and lower-income consumers lowerede daily spending by 13 percent to levels dropping last year's average per day.
While some focus on spending less compared to their income, the reality is that unemployment is still on the drastic rise of earlier this year. Bay Area consumers in debt and those considering filing bankruptcy and or credit counseling should not feel alone, as bankruptcies are growing across the country.
If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs. Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.
