Subscribe to the BlogNo amount of bad experience can cure people of set bad habits it seems. This was confirmed by the fact that the borrowing by US consumers rose for the first time in a year in January, according to the Federal Reserve. The central bank said consumer credit rose 2.4% or $5bn (£3.3bn) from December 2009 to a total of $2.45 trillion in the first month of 2010.
It was the first gain after a record 11 straight declines and it was the largest increase since July 2008. Analysts were expecting a $4.5bn decrease in January following a $4.6bn fall in December. January's figure was boosted by a $6.62bn, or 5%, increase in credit for car loans.
Does this show that the consumers have started being wayward again? Only time can tell....