Time to Borrow: Consumer Credit Rebounds from 11-Month Decline
February 5, 2010
Confidence in the credit markets may be gaining momentum, as the numbers show that American consumers are borrowing again.
According to the Federal Reserve, the 11 month decrease in consumer borrowing has come to a halt this month. While analysts projected total consumer borrowing to drop by $9 billion dollars, actual borrowing on credit cards fell by $8.5 billion and other forms of borrowing, including loans, increased by $6.8 billion.
Students and small businesses are primarily causing this shift in borrowing trends. For these groups now is the time to borrow and take advantage of financial resources available to them.
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