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  • Will Increased Spending lift the Economy ? US Shoppers Opening Up; Credit Shopping Rising

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    Thursday Feb 10, 2011 at 12:24 pm EST
    US shoppers opening up; Credit shopping rising
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    High unemployment, increasing debt, falling realty prices – the recession – affected the credit use of consumers of USA. After a long run of 26 months, credit card usage has risen for the first time by American consumers, Federal Reserve reported.

    US consumers credit spending and revolving debt increased by 3.5% for December, 2010, after non-stop decline of 26 months. In spite of this increase, statistics for 2010 remained negative down by 1.6% with 4.4% respite compared to 2009. This revolving debt increase in December exceeded expectations by every analyst. This rebound is a strong sign of recovery and we can expect better 2011 financial year.

    The amount of all consumer credit jumped by 2.6% in the final quarter of 2010, showing the increased credit hunger of American spenders. The only other instance when American household debt decreased was in 1991 since federal started tracking data from 1943.
    "Surprisingly, revolving consumer credit, which is mostly credit card debt, increased by $2.3 billion. The modest gain may indicate that many households have brought their credit card balances down to a more comfortable level relatively to incomes. If so, the extra savings used to pay down debt may diminish in coming months, leading to faster consumer spending.” Nomura Global Economics said in a client note.
    Loans – non-revolving credit debt – also increased in December by 2.8%.

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