You're watching...
MoneyAnswer.com’s Jordan Goodman argues increased retail sales is good for the economy, despite increased credit card use.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
On -- company against Jordan Goodman said this about retail sales -- holiday season let's not.
You got 5% holiday sales gains you talked about you've got absolute guarantee.
Really absolutely.
-- give money back and realize what to do you want to make a map.
Yes he was on table we just -- -- -- 5% holiday period -- that is a big gain by recent standards and -- and and most analysts are forecasting what Jordan Goodman is back with us.
It's not exactly a victory -- he's got some more information -- about this the first of all Tracy you objects to the 5% forecast.
I did and I don't think it's a victory when.
It's 27 per cent of people out there on Black -- use their credit card.
And the other those people 43%.
Of the shoppers and a Black Friday sending -- over their budget so what are we doing we are charging our way through the holiday -- Say that that's not -- sure that's not the issue.
This is not the issue because if you've got a 5%.
Gain in sales that's a very good number regardless of how many.
Hateful and upon that but the only picture if -- How good for the economy if I'm now in debt and it's gonna take me all of next year to pay up my credit card bill you have a -- 5% sales -- for the holiday period better than in previous is now a second but he's yeah I mean -- -- -- defend itself.
This is actually good for the economy and spending there is good for the economy and spending three dollars and I think I think people.
Up what now that they're stupid but the people who are on the -- to not -- -- they're gonna be able to pay the debt off -- the people who were.
To spending more than they have then that's that's of that problem okay -- -- high interest rates are you got -- a number not a repeat it right 7%.
And there was an increase of 7% of the amount of money charged around the black on Black Friday that -- -- and the threat ultimately -- and then on some Cyber Monday.
We had 22% increase over last year and land that's -- credit cards.
That's it took some credit card holders up until July 840%.
Of the people who charged last year it took into July to pass -- -- -- -- that -- wouldn't -- -- -- Our for the economy right there that's got -- come look at our overall consumer credit who have been going down for sure we have about three years lately it's been going up -- but the latest consumer credit numbers were up about nine point five billion dollars.
People but that's because -- conference consumer confidence numbers have been.
Don't think the -- I'm sorry chocolate look a credit card usage was going down now I see going back up note that it debit card this year.
We still see foreclosures up we still see mortgage delinquencies up competence in what the fact that government's gonna fund my debt let.
Me into this for a second place that -- the whole act.
Atmosphere over the long Thanksgiving weekend and are positive -- all the correct everybody I spoke -- it was a great Thanksgiving the weather was played in the northeast decency -- and everybody should decide.
Without three brought you my feel better this year that's sharp spike up demands pent up demand going up people -- Obama but that sort of de -- with trees -- saying one thing I started seeing here in instant summer.
People -- the savings rate has gone down dramatic -- what we were near 6% now -- right Brett I mean that's obviously unsustainable what does that also red flag.
But threats like people are spending more and saving wealth summit earning nothing on their savings of -- there what's grandson to -- gonna get zero with don't spend half Begin to have a lot of pent up -- yeah.
If any time because now not -- cents.
-- -- Well what happens when I come to Macau and I have no money and -- you have played down the road -- thirty instruments that look at it is happening here at people are retire without enough money -- review.
But right now for the government for retailers this is good.
It's making the stock market going up consumer confidence problem -- we think my how quickly we think for today and nobody cares about tomorrow my -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- --
