Just a little point to worry about for a Monday….All of this talk of consumer borrowing being up a ton in November doesn’t sound like a good thing to me. Most of what I’ve seen on this topic talks about it as a sign of economic recovery.
That could be. I do believe a certain segment of people (the gainfully employed) are making more money now than they did several years ago and consumer debt certainly did go down for a few years. So you can make the case that this is normal and a sign that we are headed for solid economic recovery. Consumers using credit to juice the economy.
However, it feels more like consumers still addicted to spending more than they should. A re-inflating of the bubble or attempt to keep the bubble somewhat inflated. Something to keep in mind is how big a bubble this was and how long it really takes to work through that and bring things back to normal. I’m not counting on booming economic times for a long time to come. If this is a re-inflation or partial re-inflation of the bubble, it will just make it a much longer road.
Todd Kmiec
Todd Kmiec and Associates
todd@toddkmiec.com
I agree with the points you make Todd. A wait and see approach is important even with signs looking encouraging. Might be silly, but do you factor in holiday spending at all into the mix here?
Tim, yes I think holiday spending is a factor. Ramp up in revolving credit in November. Doesn't sound like the smart money crowd.
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