In January the total amount of consumer credit was 15.6 billion dollars. February saw a drop of almost 50% with a total of 8.8 billion dollars in consumer credit. Things started to pick up in March when consumer credit climbed to 12.8 billion dollars, but it fell again in April when the monthly total became an even 10 billion dollars. Analysts are not sure what caused the huge spike in consumer credit, but they are expecting to to continue. The good news is that these higher consumer credit levels are close to what they were before the recession started.
Revolving credit totals have remained lower. In January the total amount of revolving credit was 8.4 billion dollars. In February is dropped down to 4 billion dollars. The revolving credit yearly totals seemed to mimic the consumer credit totals each month, but the revolving credit numbers were significantly lower.
These totals can be contributed to the rising demand in different loan products like: personal loans, payday loans, loan consolidations and cash advances.
James, one the people behind CashAdvanceUsa.net has this to say about their loan services.
“We have noticed a huge increase in people that are looking for every kind of loan this Summer. The amount of consumers that have been searching for loan products is staggering. We have also seen a huge increase in loan approvals as well. Our system has been designed to make finding these types of loan products easier for consumers. There is no confusing paperwork. There are no embarrassing face to face meetings, and there is little to no wait time.
Consumers are being approved for personals loans, payday loans and cash advances in under an hour. We think that our easy to use system is one of the major reasons that we are seeing so many people using our services. Technology has changed the way people do things in their everyday life, and now it has made it easier to find a loan and get approved.
Our most popular service has been personal loans. Our website has detailed information on this type of loan located at this web address: http://www.cashadvanceusa.net/
We knew this when we sat down and designed our services. We knew there had to be a better way to get a loan than walking into a bank and spending half of the day filling out paperwork, and now we are seeing the proof with a much higher number of happy customers.”
This huge increase in consumer loans could be a sign that the economy is springing back to its pre-reccesion state. With the holiday shopping season right around the corner, the amount of consumer credit is expected to rise.