New consumer credit numbers may show that Americans are more comfortable with taking on debt than seven years ago, when the recession ended.
Consumer credit jumped 10 percent year-over-year in March, The Wall Street Journal reported Monday. April numbers, out Tuesday, are expected to show another solid increase. Consumer credit, which doesn’t include mortgages, has been rising steadily throughout the recovery. The overall ratio of debt-to-income that American households carry has been rising too — it’s now at about 26 percent — but the home ownership rate is way down.
As the recovery continues, are Americans getting more comfortable with debt, or not? And what are they borrowing for? We want to hear from you. Let us know on Facebook and Twitter whether you’re borrowing more, and what you’re buying. Here’s what some of you have said so far:
@Marketplace sort of? took on (1st) mortgage for renovations. Feel twitchy about it, but maybe less panicky than before.
— Becca (@sciliz) June 6, 2016
@marketplace No, no I am not. Debt is the enemy
— Brian (@pbassmonsta) June 6, 2016
@Marketplace my family usually uses credit to make ends meet between payperiods.
— Joe Sorbino (@SorbinoJoe) June 6, 2016
@Marketplace we borrowed recently to renovate our pool & patio entirely
— Pj Perez (@PjPerez) June 6, 2016
@Marketplace never comfortable with debt but accept that taking it on in the short-term (w/a good rate) is sometimes a necessary evil.
— Pj Perez (@PjPerez) June 6, 2016
@Marketplace @WSJ Yes, because I’ve more than enough in savings to cover. Until just a few years ago, I paid them off everything month.
— Cindy Fountain (@vanessa49071) June 6, 2016
@Marketplace No! Are you crazy?
— Duvert (@Duvert8563) June 6, 2016