A regular survey of U.S. consumers conducted by a Canadian Bank suggests that Americans are no where near ready to start using their credit cards again.
The RBC CASH (Consumer Attitudes and Spending by Household) Index showed a marked downward shift for July 2009, continuing the slide that started last month, the company, which is affiliated with the Royal Bank of Canada said. The RBC CASH Index for July 2009 stands at 22.4, an 11.9 point decline from June's 34.3 measurement.
"The RBC CASH Index for July confirms what we first saw last month: consumers are getting realistic. They're coming to grips with the idea that we will not see a quick economic turnaround but instead face a lengthy, drawn-out recovery," said RBC Capital Markets Managing Director Larry Miller. "Consumer confidence is resetting to the levels seen earlier this year and is likely to remain there until there is concrete evidence of a turnaround."
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