The Commitment-Phobic U.S. Consumer

A growing fear is stalking the post-recession U.S. -- fear of commitment. Americans are balking at all sorts of long-term entanglements, whether financial, romantic or even parental.

An obvious example is the scarcity of homebuyers and a related rise in renters. Americans are also leasing, rather than buying, cars at record rates. Increasingly they’re refusing to sign long-term contracts for health clubs, mobile phones and prepaid funerals. Not all of this commitment-phobia is directly attributable to a weak economy. By waiting longer to get married, Americans are continuing a decades-old trend. Yet there’s little doubt that the recession and housing crisis have shocked many into a new cautiousness when they’re asked to sign on the dotted line.