Increase in credit card debts observed in the month of March

[Friday, May 27th, 2011]

According to reports from the Federal Reserve, outstanding balances on credit card accounts increased in the month of March. This is a clear indicator that customers are finally trying to overcome their fear of plastic which got instilled in their minds and hearts during the onset of recession. The most recent report from the Federal Reserve has revealed that the credit card balances stood at $796.1 billion in the month of March this year, an increase of roughly $2 billion.

This is just the second time in the last 30 months that the credit card debts have risen so high. The report also suggests that this seems to be the effect of the revival of the economy in the United States. Chief economist, Jim Chessen, who is a part of the American Bankers Association, said that people are willing to use credit cards for purchases only when they are confident about their repayment ability. There were close to 244,000 jobs that were offered in the recent past. Jim said that this increase in the number of jobs has resulted in the increase in the number of consumers who are willing to use their credit cards without inhibitions.

The report by the Federal Reserve, in addition to the revolving debt, also takes into consideration the non revolving debt in the form of various loans such as home loans, auto loans and many more. Taking both categories into account there was an overall increase of 3% observed in March this year.

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