We also want lots of other things — clothes, jewelry, vacations, fine dining, trips to the movies and more. But what if we don’t have enough cash on hand?
That won’t stop us. It’s a world of need-it-now, remember?
So, instead of saving up or foregoing such items, why not just put it on your credit card? Visa (V), for one, is the largest payment processor out there, while rival MasterCard (MA) is no small potatoes, itself.
The average American loves their instant purchasing power so much, in fact, that they’ve racked up between $7,000 and $8,000 in credit card debt. That number nearly doubles if you look only at households with debt, according to NerdWallet.
Not that Visa and MasterCard are complaining. Americans’ spending habits have juiced each of their shares by about 50% annually in the past three years.
As of this writing, Alyssa Oursler was long MCD.