Alabama is the State With the 4th Biggest Spenders
America will go shopping this Friday. Alabamians like to spend money. A new study from WalletHub breaks down our spending habits and likelihood of becoming over extended financially. According to wallethub:
To find where America’s biggest spenders live, we analyzed the 50 states and the District of Columbia based on 10 key metrics. Our data set ranges from personal spending on various categories to the number of cars per household. The results, as well as expert commentary and a detailed methodology, can be found below.
Most of America seems to be way ahead of the "Great Recession".
All this good news supports the “wealth effect,” a fancy term that describes consumers’ tendency to spend more as they earn more. But it was precisely this “perceived wealth” that enabled Americans to bite off more than they could chew, leading the country on a path to the most destructive economic catastrophe in recent history. As of June 30 this year, total consumer debt stood at $11.63 trillion, higher than it was at the same time in the previous three years, according to the Federal Reserve Bank of New York. Are Americans at risk of becoming financially overextended again?
We Rank 4th in the nation. Be Smart this Thanksgiving Holiday. Think before you spend.