consumer credit

US consumer credit grows: more reasons for recovery optimism

February 8, 2011 - 6:43am | Analytics | News

In December consumer credit grew contributing thus to common optimism about the US recovery. According to the data by the Federal Reserve total credit outstanding increased $6.1 billion which is more than twice the $2.3 billion that Wall Street economists had predicted.

"It's encouraging that lenders are at least allowing credit card spending to go up, but also it's not great that the only way that extra consumption can be financed is through credit cards rather than hiring income," said Paul Ashworth, chief U.S. economist at Capital Economics in Toronto.

consumer credit | consumer spending | economic recovery | US consumer

58 points

Credit outstanding falls in US as consumers are concerned by uncertainty

September 9, 2010 - 7:16am | Figures | News

The latest data reveals that total US consumer credit outstanding dropped for a sixth consecutive month in July as households concentrated on reducing their debt load amid an uncertain economic outlook. According to the Federal Reserve’s report total outstanding credit, which covers everything from car loans to credit cards, contracted by $3.63 billion in July, a touch less than the $3.80 billion forecast by economists polled by Reuters.

July became the sixth straight month of decline and followed a revised drop of $1.02 billion in June.

consumer credit | credit outstanding | economic growth | recession | US economy

0 points

$21.6 billion drop in consumer credit, a proof of no fast recovery

September 9, 2009 - 5:00am | Figures | News

The data released by the Federal Reserve showed that the overall US consumer credit dropped by a record $21.6 billion in July which suggests that the recovery will not be fast and consumer spending fails to help it. The report reveals that July consumer credit outstanding fell at a 10.4 percent annual rate to $2.47 trillion which is substantially more than analysts' expectations for a $4.0 billion drop.

consumer credit | consumer spending | economic recovery | Federal Reserve | recession

0 points

GE Money and Walmart prolong their partnership over credit cards

July 31, 2009 - 9:04am | News | Plastic cards

GE Money Retail Consumer Finance, a consumer lending unit of General Electric Company, launched a multi-year renewal of the Walmart credit card program for Walmart stores in the United States and Puerto Rico, and on walmart.com.

“GE Money has been a valued partner in helping us provide more ways for our customers to save in our stores and online,” said Jane Thompson, president of Walmart Financial Services.

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Which physicians are more likely accepting credit cards?

June 10, 2009 - 6:49am | News | Plastic cards

This week SK&A Information Services, Inc., a leading provider of healthcare information solutions and research, released a study titled “Physician Office Credit-Card Acceptance Survey”. The poll showed that 33% of U.S. physician offices do not accept credit cards as a form of payment. This represents a 5% increase since last year's survey, and the research suggests doctor offices are limiting this form of payment as a result of their patients being affected by high interest rates, maxed out credit limits and a more challenging ability to qualify for credit.

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145% increase in investors demand for Fed’s loans since March

June 3, 2009 - 2:15am | Figures | News

The government’s program to help financial institutions revive consumer and small business loans showed signs of increased demand in June as investors felt more comfortable about participating in the U.S. initiative. The latest data shows that demands for credit rose across all the markets, reports the Reuters.

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Fed reports the largest drop in consumer credit since December 1990

May 8, 2009 - 4:25am | Figures | News

On Thursday the Federal Reserve reported that U.S. consumer borrowing dropped by more than it was expected in March plunging a record $11.1 billion. March consumer credit decreased at an annual rate of 5.2% to a total of $2.55 trillion. The drop is believed to be the biggest since December 1990.

In addition the Fed also revised the February decrease from an originally reported $7.5 billion drop to $8.1 billion.

consumer credit | Federal Reserve | non-revolving credit | revolving credit

0 points

$402 Million to be paid in dividends by the BofA under TARP

February 18, 2009 - 12:13am | Banks and internet banks | News

First dividend payment was announced this week by the Bank of America to pay to the U.S. government under the TARP bailout program. The total amount to be paid as the BofA’s liability to taxpayers is $402 million. The payment represents the dividend on the Fixed-Rate Cumulative Perpetual Preferred Stock issued in connection with the $45 billion in government investments granted to the Bank of America in late 2008 and early 2009.

0 points

The U.S. government must repair the economy quickly, otherwise…

February 11, 2009 - 3:30am | News | Other themes

Economic experts at IHS Global Insight call on Congress and the Federal Reserve for acting with more urgency to stimulate the economy vitality. According to the figures cited by Nigel Gault and Brian Bethune, domestic economists for Global Insight, the expected approval of the economic bailout plan and a new program to revive the consumer credit markets will not bring quick results with several quarters of economic misery ahead.

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Reports reflect the worst times for borrowing in the U.S.

January 9, 2009 - 7:24am | News | Other themes

In November consumer borrowing in the United States decreased by a record $7.9 billion. Americans are trying to increase savings in light of the worsening downturn environment. The Federal Reserve said this week that the recession brought consumer credit down to $2.57 trillion, and capped the first back-to-back monthly decline since 1992. The biggest drop came in securitized assets, an area where Fed policy makers are creating a new $200 billion lending program to support credit. Borrowing secured by real estate fell by $2.8 billion in October.

Consumer borrowing | consumer credit | Federal Reserve | loan | unemployment

0 points

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