I spent this last week in Omaha, NE, with the Advanced Agricultural Bankers’ School. It was an exciting time between the tornado, the College World Series of baseball, and the hailstones!
One of the bankers in the school asked whether the individuals within the group used more credit card debt than the general public. Approximately 70 percent of the general public uses credit card debt over 30 days, with a $9400 average balance.
The same individual that asked the question asked me what I thought would be the answer. We both came to the conclusion that it would be from 45-55 percent of the group.
The final Jeopardy answer found us both wrong. Thirty-nine percent of the bankers in attendance had balances beyond 30 days, while 61 percent reported that they carried no debt or paid it off within 30 days. How do you compare to these bankers?
A recent study found that grandparents spend on average $500 annually per grandchild. They are supporting approximately 20 percent of college tuition.
For any of you interested in the health of the dairy industry, a recent speaker I heard at Cornell indicated that milk prices would be up 6-7 percent this fall. That is good news for any of you providing forages or custom grain to the dairy industry.
College World Series
If you get a chance to go to the College World Series, it’s a great time! These kids play because they enjoy the game, and Omaha is such a great town!