It is difficult to find economists that agree on what has caused the financial problems, let alone how to fix them properly. One of the things that seems to be able to add to the overall economy to give it a boost is going to be consumer spending. It has been that way for centuries. As long as people are spending money then the merchants are doing fine, and it completes the circle, although it is an imperfect circle to start with. There is a lot of talk about the fact that consumers have tightened their belts since the financial crisis and that has really gone a long way to hurt the economy. Is that an accurate assessment?

Well, it certainly is true that consumer spending can do a lot for the economy. There are many people that are not willing to spend on credit any longer, after having run into problems when the economy crash several years ago. Adding to the problems that are seen is the fact that the average credit card interest rate is still at around 14% and, in some cases, may be even higher. This has led to people saving money to spend it instead of buying things on credit because they know that, in the long run, they are going to spend more money in the process. Although that may be wise from a financial standpoint for the individual, it certainly is not something that is helping the economy.

One of the things that may be able to help in that regard is to have the credit card companies lower their interest rates to get people to purchase more on credit. This is done across the board in many other sectors, including the mortgage rates, which are at an all-time low. It would stand to reason if people had the ability to purchase things on credit, and were not paying an outrageously high amount of money in order to borrow that money, they would be more likely to do so regularly. While doing so, the credit card companies would benefit because of the additional usage and the merchant fees that they charge on each and every purchase, as well as the fact that more people were using their cards, averaging things out in the long run.

Of course, you always have the opportunity to purchase things on credit, and because of the high interest rates, it would be beneficial to you to find a credit card with a lower interest rate as well as some other perks, which would make it worth your while. You can find online applications for credit cards available, and once you fill out that application, you will have almost instantaneous feedback from the credit card companies as to which ones are going to offer you a new card. You can then use the card in order to boost your credit score, and provided you use it wisely, you can enjoy all of the perks that go along with the credit card without paying any extra fees because of carrying a balance.