So far in 2014, according to the Federal Reserve, non-revolving credit (such auto loans and personal loans) grew in January despite drop-offs in home and auto sales. Samuel Rines, an economist with Chilton Capital wonders, “who’s taking [loans] out and what they are doing.” Here’s my guess: they are paying their rent and buying groceries so they can eat. That’s what we see our clients doing. It’s not boats and trips and big screen TV’s.
Outstanding consumer credit surpassed $3.1 trillion in January. Non-revolving credit grew to $2.26 trillion at a seasonally adjusted annualized rate of 7.5%. Revolving credit (such as credit cards) remained steady at $856 billion.
For the entire story: http://blog.credit.com/2014/03/credit-use-grows-despite-slow-home-auto-sales-77997/
If you are someone you know is facing insolvency issues due to non-revolving or revolving credit, please consider scheduling a consultation with a reputable debt settlement attorney who offers a free consultation to discuss possible debt settlement options.
Kevin Fallon McCarthy
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