As some of yall know, I run a small chain of retail stores in Virginia. The store in Charlottesville and the one in Harrisonburg are only an hour and a mountain apart. But what a difference. We have long noticed that the people in Hburg tend to pay in cash. Here in Cville, credit cards.. Virtually the same in total sales but a big discrepancy there. Hburg is a more rural area than Cville where, I reckon, folks were used to paying in cash.
My employees here in Cville tell me that there has been a noticeable change. More people are paying in cash. And, if they look in their wallets, and don't see enough cash to spend with me and for stuff they need elsewhere, they will put something back on the shelf. Credit card sales sliding.
I'm sure, generally speaking, it excludes student loans, but I wouldn't bet that's totally true. You'd be surprised how many students carry credit cards to pay for their living expenses, books, tuition, and entertainment.
Since I've been one of them -- and recently -- I'm not surprised.
