Consumers Borrowed More on Credit Cards in October 2011
For the first time in quite awhile, consumers are willing to start borrowing money again, which is good news for the economy.
In October 2011, Americans credit card debt climbed 0.6%, bringing the total debt up to $792.3 billion.
While too much credit card debt can hinder our recovery, it’s a good sign if consumers are willing to take on debt. It means they have confidence in their future. Whether it be confidence in increased wages, house appreciation or a general “goodwill”, hopefully this begins to translate into the economic recovery we’ve been looking for.
For the first time in quite awhile, consumers are willing to start borrowing money again, which is good news for the economy.
In October 2011, Americans credit card debt climbed 0.6%, bringing the total debt up to $792.3 billion.
While too much credit card debt can hinder our recovery, it’s a good sign if consumers are willing to take on debt. It means they have confidence in their future. Whether it be confidence in increased wages, house appreciation or a general “goodwill”, hopefully this begins to translate into the economic recovery we’ve been looking for.