March 19, 2010

US Consumer Credit Report for January 2010

All of you know about Consumer Credit. Credit card, personal and retail installment loans, auto finance,mortgages etc. fall within this Consumer Credit category. What I am going to tell you is about the very recent rise in US consumer credit. According to the consumer credit report, this is the first positive hike within last one year. The economy was going down continuously and american people were losing themselves for the past one-two years. But this consumer credit report, released by Federal Reserve, has proved that US is again gaining faith in the economy.

The data revealed through the consumer credit report shows that the consumer credit rose by $5 billion (2.4%) and it is at an annual rate. The decline was $4.6 billion in december 2009 and this led the analysts to think of a $4.5 billion reduction in the consumer credit in January of this year. This is the reason why the latest consumer credit report has surprised the world. It has shown a total of $2.5 trillion consumer credit this year....just imagine !

Analyzing the past consumer credit reports, economists have said that this is the highest rise in consumer credit since july 2008 ($7.29 billion). It's a big sign of recovery after the worst recession period. The report shows, there was a hike of $6.6 billion in non-revolving debt. Non-revolving loans like student loans have also increased by $10.3 billion. The statistics also shows that the revolving debts have fallen about $1.7 billion.

People are becoming more and more aware of their present economical situation. It's very important for any country. The latest consumer credit report has proved that recession can't stop the economy of a counrty. We all are expecting a better life and surely....we are going to grab it very soon.

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