The New York Fed is out with their latest credit survey
– Sentiment is rising for credit card and vehicle loans
– Credit demand rising for younger consumers
– Sees more pessimism for mortgage approvals
Consumer debt is always a double edged sword. If it rises people clamour that debt is out of control or people are skint, while some take up of debt can be good for the economy, with the proviso that it’s manageable. There’s a big difference between borrowing to pay the bills and put food on the table and borrowing to pay for a large item or goods that could not be afforded in one go.