Jun 2, 2020
A member of our Credit Card Pay Off Course and Queer Money Facebook Group forwarded us the recent CNN article, “New Threat to the Economy: Americans Are Saving Like It’s the 1980’s.” Can saving really be a threat to the economy? Just how much does our economy depend on consumer spending and credit card debt? And in light of the Coronavirus shutdown, should you be saving or spending money right now?
On this episode of Queer Money, we’re taking a closer look at the CNN article on how the pandemic is impacting the economy, explaining what the statistics on shrinking credit card debt really mean and why many Americans fear that we may be heading into another Great Recession or even a Great Depression. We share how our Facebook community responded to the CNN piece, discussing the sustainability of our economic system in the long term and sharing our concerns that people will be guilted into overspending for the sake of the economy.
We go on to offer advice for deciding whether to save or spend based on how you’ve been impacted by the pandemic, encouraging OH NOs to spend only on necessities, STATUS QUOs to balance saving and spending as normal, and GUNG HOs to focus their spending on small and LGBTQ-owned businesses. Listen in for insight around how to reduce your financial stress in this uncertain time and learn how to make money decisions that are in YOUR best interest—and the best interest of the queer community.