http://www.calculatedriskblog.com/2010/11/ny-fed-continued-d...
"Since its peak in the third quarter of 2008, nearly $1 trillion has been shaved from outstanding consumer debts." "So are consumers becoming more frugal? Yes. Holding aside defaults, they are indeed reducing their debts at a pace not seen over the last ten years."
Looks like we're moving from a loan-and-own economy to an age of access, where you only pay for access to stuff (aka "rent").
I can only go as far as to my self.
I don't buy CDs anymore, I pay for access to Spotify.
I don't buy books anymore, I pay for access to an ebook on my Kindle (although it's a one time fee).
I don't buy DVDs, I pay to get access to an online stream.
http://www.calculatedriskblog.com/2010/11/ny-fed-continued-d... "Since its peak in the third quarter of 2008, nearly $1 trillion has been shaved from outstanding consumer debts." "So are consumers becoming more frugal? Yes. Holding aside defaults, they are indeed reducing their debts at a pace not seen over the last ten years."
Looks like we're moving from a loan-and-own economy to an age of access, where you only pay for access to stuff (aka "rent").
I can only go as far as to my self.
I don't buy CDs anymore, I pay for access to Spotify.
I don't buy books anymore, I pay for access to an ebook on my Kindle (although it's a one time fee).
I don't buy DVDs, I pay to get access to an online stream.
And so forth.