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Consumer spending up as credit card debt sees big increase

No time is a good time to be in debt. However, as the holiday season continues and consumers are still actively shopping for all those perfect gifts, credit card debt across the country, including in the Tampa area is growing. The holiday shopping season isn’t the only reason, either, as consumers have been increasingly showing a willingness to bust out their plastic cards.

According to a recent report, revolving debt in the U.S., which mostly reflects debt from credit cards, rose to more than $856 billion in October, which is its highest mark since September of 2010. During the previous four months that number either remained flat or slightly dropped, which some economists considered to be a sign of caution by consumers.

On the other hand, according to one analyst, when consumers are more willing to use their credit cards to make purchases it is generally a sign that they are more confident that they will have the income to pay for those purchases later. Meantime, according to a Commerce Department report, total consumer spending increased in October over September by 0.3%.

It’s always a good sign for the economy when consumers are wiling to spend more, especially when they use credit to do it. However, as is always the case, it’s very important to be aware of the problems that can arise when using credit cards to make purchases. Although most people carry some credit card debt it’s never a good idea to have too much debt. Anyone who is feeling overwhelmed by credit card debt might want to speak with a bankruptcy attorney in order to get out from underneath his or her burden.

Source: The Wall Street Journal, Credit-card debt hits three-year high, Eric Morath, Dec. 6, 2013.

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