February 10, 2006
Believe it or not: Consumer borrowing against credit cards slowing down!
If you thought that the doomsday predictions that you would sink into a debt hole did not apply to you, then you may have finally been vindicated. According to recent findings, in 2005, consumer borrowing rose at the slowest pace since 1992. This was because Americans relied less on credit cards and more on loans against the value of their homes. Seattlepi.nwsource.com reports:
Consumer borrowing with credit cards slowed over the past five years as Americans tapped lower-cost home-equity loans. The share of cash-out refinancing in the fourth quarter for loans owned by Freddie Mac rose to the highest level in five years, suggesting homeowners are still using property to finance spending.
Read more: Consumer borrowing with credit cards slows
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