Older People Using More Plastic

According to the Washington Post, "frequent or frivolous use of credit cards" has been an increasingly common habit of older Americans. The paper says that "in 2007, the percentage of 55-to-64-year-olds who had to use more than 40 percent of their income toward paying down debt was 12.5 percent, higher than any other age group, according to the Employee Benefit Research Institute, which studies pensions and benefits." Those people age 65 to 74 were not much father behind, with 11.2 percent contributing a big portion of their income toward their debt. While the older sect is largely considered more "financially responsible" than others, it seems that older Americans may be turning to credit cards more frequently to stretch income, pay for unexpectedly rising costs, or to cover medical household expenses.

The Wall Street Journal reports that "the U.S. recovery is a tale of two economies." On one end, there's a group of companies and banks, mostly big, "united by an enviable access to credit." At the other end, are firms, mostly small, struggling from decreased sales that are having a great deal of trouble borrowing money. Companies depending on credit from banks are finding it harder and harder to come by. According to the paper, in the Federal Reserve's latest survey of senior loan officers, conducted in July and released in mid-August, "about 35% of banks said they had raised lending standards since April for nearly all business borrowers, regardless of size." The rest of banks left their standards unchanged, though still much tougher than they used to be in the past.

The Wall Street Journal reports that General Motors (MTLQQ) has established a $293 million partnership with China FAW Group Corp. Together, the two will make FAW-branded light-duty trucks and vans, GM said in a statement.  The "joint venture" is a significant add-on to GM's product line-up in China, according to Kevin Wale, president and managing director of GM China Group. He said, "Since China accounts for 50% of global light truck sales, it's a "key focus" for GM, he said. "It's a large country, it's got a lot of people and there's lots of small trading going on."

According to the New York Times, Florida—the sunshine state—is in the midst of tougher times than it's ever experienced. A record level of foreclosures and unemployment along with a population decline are adding to the worries. "It's dramatic," said Stanley Smith, an economics professor at the University of Florida. "You have a state that was booming and has been a leader in population growth for the last 100 years that suddenly has seen a substantial shift," he said. The shift is more dramatic in light of what's been the norm in Florida. According to the article, "Florida grew from 2.8 million people in 1950 to 6.9 million in 1970, and by about three million people each decade after that. Even during stagflation in the '70s, Florida added about 200,000 people a year. More recently, from 2004 to 2006, Florida added about 1,100 people a day, as housing construction's proportion of the state economy grew to twice the national average."

Finally, China Unicom Ltd. has announced a deal with Apple (AAPL) to sell iPhones in China later this year, according to the Wall Street Journal. The deal will result in Apple finally bringing the popular mobile device to the world's largest mobile market for the first time. According to the paper, "The release of the iPhone in China—which has 687 million wireless subscribers, more than twice the population of the U.S.—is expected to be a boost for both Apple and Unicom, one of three Chinese state-owned telecommunications carriers. Still, the two companies face challenges to realizing the iPhone's potential in China, including competition from similar devices, and they left several questions about pricing and other details unanswered Friday."