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Increase In US Consumer Borrowing - A $5.01 Billion Rise
[12:00:00 AM Thursday, March 24, 2011]
Consumer borrowing in the US has increased to $5.01 billion in the month of January as per the reports by the Federal Reserve. These are basically the non-revolving loans like the education and automobile loans.
This rise in credit followed a revised gain of $4.9 billion in the month of December which was much less than the estimate that was given. While the economists had predicted an increase of $3.5 billion in credit card debt as well as non-revolving loans, this was only as per the median forecast in the Bloomberg News Survey.
The rise in non-revolving credit only signals that the average American is more confident about his finances and is not too concerned about purchasing high-end goods such as an automobile from General Motors Co. Consumer spending will have a direct positive impact on the economy even as the unemployment rates are dwindling.
Neil Dutta, Economist, Bank of America Merrill Lynch, New York, stated that the auto sales were going up and the reports were a reflection of that. While there is some tightening with regard to credit cards, there also seems to be some loosening in areas such as auto finance.
The revolving debt which includes credit cards has decreased to $4.25 billion in the month of January as per the statistics provided by the Fed. There has been a rise of $9.26 billion in non-revolving debt such as mobile homes and car loans. However, the report has not tracked the debts that are secured by real estate, like the home equity line of credit.
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