Oct 29, 2008 4:23 pm US/Central
More People Trying To Barter In Tough Economy
Trade Can Save Money While Keeping You From Having To Cut Back
CHICAGO (CBS) ―
Some Chicagoans are trading to get by in tough times. If they don't have cold hard cash, they're offering up other things.
As CBS station WBBM-TV in Chicago's Kristyn Hartman reports, no city is immune to the country's tough money times. Just go to Craig's List -- and you'll see people trying to get things without paying cash.
"Barter has been around forever -- it predates money," said University of Illinois at Chicago economics professor Helen Roberts.
Professor Roberts says we see more of it "when people think they won't have money for what they want to be doing...when they're concerned about the economy."
We saw a lot of postings that reflected that unease -- people hoping to trade painting for a car, personal chef work for handyman services, a few of the posts even said "I've come on hard times, or "we had to make some cutbacks."
WBBM-TV tracked one of the posters down. We spoke with him at his workplace. He is offering his labor services in exchange with help for Christmas.
Lance Monceret works a full time job filling medical oxygen tanks. But with increased gas and grocery prices, he says his dollar doesn't go as far these days.
"It's hard to make ends meet," he said.
So in his evening free time he's hoping to do some heavy lifting, moving or leaf removal in exchange for gifts, gift card, or cash.
He put his story on Craig's List a few days ago, and though he doesn't have any hits yet, he – like many others – is hopeful.
Chicago barter postings are up. In September of last year there were more than 2,200. In the same month in 2008 it was more than 3,200.
"You're looking for what you can turn into something you value more," Roberts said. "The gain from the exchange is what economists love to talk about."
Bartering takes more time, but that isn't keeping people away. People at Craig's List said barter is up in just about all the cities they serve.
One thing to keep in mind, though, if you're bartering services check for licensing when necessary.
(© MMX, CBS Broadcasting Inc. All Rights Reserved.)
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