Monday, August 07, 2006

Consumer Debt. ~On the rise ~

In May, consumer debt increased by a revised $5.89 billion, the biggest increase since September-October 2004.

Americans are making greater use of their credit cards to finance purchases because rising interest rates and a cooling housing market make it harder for them to take out home-equity loans. Higher prices at filling stations are also prompting consumers to take on more debt, economists said.

It looks as if consumers are relying more on credit cards now that other avenues of credit such as mortgage refinancing have been shut off to them.


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6:34 PM  

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