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Credit Card Applications » News » Other » Credit Continues to Increase, Improving Economic Outlook

Credit Continues to Increase, Improving Economic Outlook

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Credit Continues to Increase, Improving Economic Outlook

The Federal Reserve’s monthly report for November 2012 shows an economy in continued comeback mode. For the fourth month in a row, consumer credit has risen, posting a $16.05 billion increase in November.

In October 2012, consumer credit was up by only $14.08 billion, but it has expanded at a steady pace since the middle of 2010 – a good sign for the economy and more than predicted. However, looking at the difference between revolving and non-revolving credit gives a fuller picture of just where that credit increase is occurring. Non-revolving credit made up most of the rise in credit.

Credit card use not so strong

Revolving credit – the kind that includes credit card spending – was only up by $817 million, compared with $15.23 billion for non-revolving credit. That means more people taking out loans to attend school and buy cars rather than putting charges on credit cards.

Government student loans were up 28% over last year, although they were still below the record-high increase of 81% in September 2010. At that time, many people faced with unemployment because of the recession flooded campuses in pursuit of new degrees. People are still returning to school – and taking out loans to do so – but not at the same rate.

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  • Deborah Ellsworth

     would very much like to start a new credit history  by making payments on time I would tohave a credit card that is NOT PREPAYID! I don’t need a card with a high limit just something to start a new credit history.
    Thank You Deborah Ellsworth

  • Deborah Ellsworth

    I would very much like to start a new credit line to get back on track. I DO NOT WANT A PREPAID CARD!! This new credit card if I am approved does not have to hace a high limit just something for me to start over again and prove myself
    D Ellsworth

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