GREEN BAY, WI (WTAQ) – Wisconsinites are taking another step forward in their consumer confidence by borrowing more money.
The Federal Reserve says Americans have increased their borrowing to an all-time high of nearly $3.5 trillion dollars — fueled by student and car loans, plus credit card debt.
John Halechko of the Green Bay-based Associated Bank says its consumer lending is up 74 percent in the past year. New credit cards are up 20 percent, and folks who have not used their home equity accounts for a while are doing so again.
Brian Jacobson of Wells Fargo Fund Management in suburban Milwaukee tells the Journal Sentinel that credit card debt is up for the first time since the Great Recession.
He calls it a good trend, because it shows that folks are more confident about managing their debt. However, he says the growth in car and college loans is so high, it won’t be sustainable in the long run.
(Story courtesy of Wheeler News Service)
