Official reports released today confirm once again that the economy is in fact recovering in the United States; the reports today indicate that consumer credit is rebounding quickly which according to many is a big player when it comes to economic recovery. Obviously the economy won’t work without consumer level spending so this increase in credit for average consumers means increased sales in almost all markets.
According to the credit report the average credit score in the United States has risen to 696 which is a 4 year high; since before the recession the credit average has not been any higher than it currently is. Obviously this means many things for lenders, consumers, and banks but in the long run economists say it means recovery is happening now and it is beginning to pick up steam.
According to experts the additional credit available to consumers will likely be able to boost numerous markets thanks to an increase in overall spending. Obviously if credit grows too quickly it could lead to a recession just like the previous one but speculators are being very careful with credit limits this time around so economists say there is little to no chance of another recession coming anytime soon. As for now consumer credit will likely keep expanding while other parts of the economy also begin to recover slowly but surely. Still no word on when the rest of the economic situation will improve but for now economists are very happy with the progress they are seeing.