Consumer Credit Showing Vital Signs Again
Matt | On 08, Mar 2010
The monthly figures are in from the Feds and consumer borrowing increased as of January 2010 by $5 billion, or 2.3 percent. The number had decreased 11 times prior to that (which set a record), and it’s now at its highest since July 2008. Consumer borrowing includes transactions such as car loans, store credit, etc. Since the U.S. economy depends greatly on spending, having accessible credit in the market is a good economic indicator.
The figure that really brings a smile to my face is that credit card borrowing decreased for the 16th straight month by $1.7 billion or 2.3 percent. Those credit slaveholders deserve every decrease they get since they have raped consumers for years. The message is getting out that people can and should try breaking away from the credit-card industrial complex. It’s like Riker’s Island … for your bank account.
I guess this is all good news for the economists and pundits. Hopefully, “credit” won’t even be in my vocabulary when I’m living completely DEBT-FREE. Can I get an amen???