Consumer Borrowing Surges Over The Holidays

The U.S consumer borrowing made the biggest jump in November since the onset of the financial crisis, surging at a 9.9 percent seasonally-adjusted annual rate, according to recently released Federal Reserve figures. This includes credit cards, student debts and auto loans.

We are not surprised by this news. The recession has greatly affected many Americans, which resulted to such jump. During the surge of holiday sales, many folks went back to borrowing money because they are tired of not having gifts to open on Christmas morning. We understand the sentiment.

There’s nothing wrong in using credit cards, especially if you really need the money. Our only wish is that credit card companies wouldn’t be so hard on our dear consumers. We request that they don’t charge 25% interest. Americans deserve an old-fashioned decent Christmas.

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Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.