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If your pocketbook is feeling the bite of the prolonged economic downturn, you’re not alone: Even the Tooth Fairy is having to scale back.
According to a recent survey by Visa, Inc., the Tooth Fairy is now leaving an average of just $2.60 on the pillows of American children badly in need of a new front tooth. In contrast, kids woke up to a generous $3 on average the year before.
Unfortunately, the Tooth Fairy’s woes are not the only signs of a continually bleak economy. Nationwide, more consumers are turning to credit cards to pay for basics like groceries and gas, according to a recent SpendTrend report from First Data Corp.
The volume of gas purchases charged to credit cards jumped 39 percent in June compared to a year earlier, and food shopping increased 5 percent, according to the report.
“We still have an astounding 9.2 percent unemployment rate, so it’s not surprising that people turn to credit cards to bridge the gap, when sources of income begin to dry up,” says Joe Ridout of the Consumer Action advocacy group. “But while credit cards certainly are better than alternatives like payday loans, it’s still a risky way to borrow.”
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