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Economy / Consumer Prices / Credit Cards #288098

CBS Evening News for Wednesday, Dec 21, 1983
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(Studio) Econ. predictions with regard to 1983 given. Consumer price index figs. for November stated; details given. Commerce Department estimate of gross national product for last quarter of 1983 given. Report on role of credit cards in economy
REPORTER: Dan Rather

(NYC) Incr. in use of credit cards noted to be major part of increase in retail sales in Christmas season. [WOMAN - lists cards she has.] [Brookline, Massachusetts, store owner CYRELD - comments on use of cards.] [Boston jeweler Herbert MOTLEY - comments on use of cards.] Change in credit card policy at Filene's department store noted. [Filene's spokesperson Pat PATRICELLI - comments.] [Consumer counselor Mel STILLER - says consumers have higher debts than ever.] Banks' income from interest chgs. described. [Consumer Federal of American spokesperson Stephen BROBECK - notes large margin between savings account interest and interest on loan through bank card.] [Econ. John HAMMOND - says income has been growing rapidly.] Experts' concerns with regard to use of savings to pay for credit purchases cited, with effect on economy stated.

Brady, Ray;
Rather, Dan

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