As the economy stabilizes and there is an increase in consumer confidence, there is a coinciding increase in consumer debt. In fact, the Federal Reserve released a statement earlier this month that showed that consumer borrowing increased by $14.1 billion in November and another $16 billion
increase in October. The largest increase occurred within the areas of Student Loans and Vehicle Loans but the figures reported do not include the exact amounts spent on those two areas.
It’s easy to see that with lower gas prices and the upcoming tax season, consumers may be tempted to spend more than usual. However, it is important to always spend wisely. If you feel like you have overextended yourself and cannot get out of debt, our office is a phone call away. We are here to help you achieve peace of mind! Contact us at 305-820-0334 for a free consultation today!
Source: Miami Herald: US consumer debt up $14.1 billion in November
