Brought to you by WBIW News and Network Indiana
Last updated on Friday, June 14, 2013
(UNDATED) - It’s an odd sign that the economy is improving.
A new study says consumer confidence is up which has Americans racking up serious credit card debt once again.
The study says Americans are on track to spend $47 billion in new credit card debt this year alone.
Indiana Financial Advisor Peter Dunn - Pete the Planner - says that's good news for the overall economy, but bad news for individual consumers piling up debt.
Dunn says the economy really needs consumer spending to reach pre-recession levels.
However, he says it'll be just a matter of time before the credit bubble bursts yet again.
The study says that consumers paid down nearly $32.5 billion in credit card debt during the first quarter of this year.
However, it adds that's typical during that time of year due to tax refunds and job bonuses.
The average household has about $6600 in credit card debt.
Dunn says the economy will really be back when that figure reaches the mid to high teens.
Again, not great for consumers, but good for the overall economy in the short term, according to Dunn.
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