Lookin' Good at 58

Wednesday, March 4, 2009

Credit Crunch

I noticed this past weekend a lot of people were not using their credit cards and paying with cash. Is this the sign that people are worried about not having a job tomorrow and have decided to not put anything else on their credit card?

We might be heading back to the day when cash was king. With people spending less it might be good for one's savings but terrible for today's economy.

Remembering the 1982 and 1991 recession they were pretty bad but nothing compares to this one except I guess what the Great Depression was which I wasn't around for.

Let's hope the money being thrown about to save people's homes , jobs , and business gets credit when they need it works cause if it does not this could be a major meltdown. Deflation will be rampant.

I am happy to be working in a corporate restaurant right now as the smaller restaurants are really taking a hit. When we rely on tips it doesn't take long to be broke.

Any waiters or people of other service occupations notice a difference in the way that people pay right now compared to a few month's ago? I am seeing more cash as mentioned above.

10 comments:

Manuel said...

no not in the way they are paying but tips are defo down on last year. Waiter chums from other restaurants are saying the same....hunker down and wait for the good times to return....

Waiter Extraordinaire said...

Manuel..people are still going out and eating and that is all that matters. As long as they do and they will , the tips will come.

Food Service Ninja said...

i havent notice a payment type difference but definately some arent spending as much per visit.

I need to run into some wine reps to see if its hit the high end of the market yet.

Bear in mind Im in DFW so as things go we havent felt the recession as yet

¸.•*´)ღ¸.•*´Chris said...

I will be returning to my bartending job in a few weeks for the golf season so we will see what that brings. Last year, people were still whipping out plastic.

Personally, we are still eating out but not as much. I still operate under the old adage that if I can't leave a decent tip, I would rather stay home. I know how important those tips are and I won't embarrass myself by shorting my server. On the flipside, when I have had a good night, I spread the wealth a bit and tip a little extra. It's the good thing to do:)

That's Scandalous said...

Hey! I like your blog.
I wait tables, so it makes me feel better when I know other people deal with horrible people. I think that my tips have been down since the new year, but I havent noticed more cash... hmm..
I have started writing a blog about the scandal at my place of work. I thought you might like it.

here's the link:
http://www.sCANDALiNsERVERvILLE.blogspot.com

Let me know what you think!

James Mortimer said...

I have noticed it too, but as I am about to reveal on my blog W.E. from a business perspective it's a good thing.

Credit is definately a dirty word at the moment.

But, as I found out at a sports stadia the other day, the corporate boxes were full.

People still have money out there...... (bastards)

Waiter Extraordinaire said...

Chris...going back behind the bar will make you some good cash.People will still drink in tough times maybe not eat out as much. Good wishes on that.You will do well.

Waiter Extraordinaire said...

Food Service Ninja..Welcome and thank you for commenting.I believe the higher end has been hit as a lot of layoffs have been white collar and companies cutting back expenses. Where I used to work Fine Dining they laid a couple off and they were always busy.

Waiter Extraordinaire said...

James...the middle guy is getting squeezed for sure but like you say the top guns are still living the life. Cash is a good thing you are right. People will start spending money they have rather than what they do not have and companies will have the cash up front to manage their operations better.I will look for your post.

Waiter Extraordinaire said...

That's Scandalous...Welcome and thank you for the comment.Like I say as long as people continue going out to eat we will stay ahead of most of the others out there struggling. I will check the blog out. Add you to my blogroll and you do the same for me? ok