The economy has been rough on a lot of New Yorkers. While recently it has been strengthening, post-recession incomes are not what they once were for many people. Others are struggling to find a job after years of trying. Even Hollywood stars have not been immune from this economic shift.
Many people may think that the so-called Great Recession that plagued the country starting in 2008 would have caused people to increase their credit card spending. As people lost their jobs, they may have needed credit cards to pay for necessary expenses. However, data has shown the opposite to be true. During the recession, consumers used their credit cards less. Consumers lost confidence and bought fewer luxury goods. Furthermore, credit card companies raised interest rates and tightened lending standards.
Some businesses rely on a team of people working together to be successful, while others rely on the talent of one individual. When one person is responsible for making a business run the business can have a difficult time succeeding without that individual. In this competitive business environment, even the smallest challenges can spell trouble for New York businesses.
The economy has changed in many ways since the collapse in 2008. People have seen many changes, and they have been difficult for many people. Even people who seem like they should be able to make their ends meet are having difficulty.