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Americans Gorge on Credit Card Offers
It would appear that the Federal Reserve’s guarantee of freakishly low interest rates until at least 2013 (soon to be extended into 2014 or beyond) and the resulting push by credit card companies to clog mail boxes with all sorts or tempting offers had the desired effect on Americans as they racked up new credit card debt in November at a rate not seen since before the wheels fell of the global financial system back in early-2008.
The data for December might be even more impressive since, what U.S. citizen in their right mind wouldn’t borrow a thousand dollars or two to get that big flat screen TV and new sound system at Christmas time if they could do so without incurring any interest charges and making only minimal payments for the next year or two.
While some say this indicates renewed confidence in the U.S. economy – one where 70 percent of all activity is based on consumer spending - others think this is akin to a drunk “falling of the wagon” after almost three years of sobriety.
http://timiacono.com/index.php/2012/01/10/americans-gorge-on-credit-card-offers/?source=patrick.net