Save or spend?

Are you spending your money? Or saving them? If you save your money, how? Report said more Americans tend to stay liquid with thier cash. I'm not surprised because CDs offer low interest rate while checking or saving accounts have no penalties for early withdrawal.

Study found CD deposits declined by $200 billion in the first 6 months of the year; on the other hand deposits in checking, savings and money market accounts rose by $171 billion.

The Federal Reserve's latest data showed consumer spending at retail stores in key cities such as New York, Atlanta and Dallas either slowed or declined in July and August. Nationwide, credit card use dropped for a 23rd consecutive month in July, and overall borrowing dropped at an annual rate of $3.6 billion, the 17th drop in the past 18 months. full story