Consumer Debt at All-Time High; Payday Loans to Blame or Help?
By J.J. CameronPayday Loan Writer
Here's some news that makes you ponder the role of payday advance loans in society:
The Federal Reserve reported Friday that non-mortgage consumer debt rose at a seasonally adjusted annual rate of 2.6 percent in August, slowing from July's 4.3 percent.
It was the slowest growth since March, when borrowing declined. Thus, the question remains:
- Does this mean individuals need to use no faxing payday loans more often? Or do they contribute to the problem?
It varies.
Borrowing on credit cards and other revolving accounts rose at an annualized rate of 4.2 percent, down from 4.7 in July. But borrowing for automobiles and similar loans rose in August at an annual rate of only 1.6 percent, well below July's 4.1 percent.
The report did not specifically refer to cash loans online.
Such widespread fiscal problems were largely blamed on gas prices. Total consumer debt (excluding mortgages) rose to an all-time high of $2.35 trillion in August, the Fed reported, even though the rate of increase declined.
If you find yourself in debt such as this, at least read up on bad credit payday loans before making a decision.
