The Federal Reserve is reporting that consumer credit rose by $5 billion in January, the fourth straight month of an increases, signalling a strong shift in the availability of credit for buyers.<\/p>\n
Monthly reports from the government agency track both revolving (money charged to credit cards) and non-revolving (money tied up in loans) lines of credit. While revolving credit actually fell by $4.25 billion in January as compared to the prior month, non-revolving credit rebounded in a big way, with an increase of $9.26 billion.<\/p>\n
With the spike in loans coinciding with a strong surge in car sales, many analysts believe that auto loans are driving the movement forward.<\/p>\n
"Auto sales have been doing well and today’s report is a reflection of that," Neil Dutta, an economist at Bank of America Merrill Lynch in New York, told Bloomberg. "Credit standards remain tight – we’re seeing that with credit cards – but at the margin we’re seeing some loosening, such as auto finance."<\/p>\n
With so many drivers seeking out car loans and lenders being more willing to offer them, it's a great time to be in the market for a new vehicle. Drivers who shop at New Jersey State Auto<\/a> Auction can select from a wide range of cars for sale<\/a> and a variety of auto finance options to get in the vehicle of their dreams.<\/p>\n","protected":false},"excerpt":{"rendered":" The Federal Reserve is reporting that consumer credit rose by $5 billion in January, the fourth straight month of an increases, signalling a strong shift in the availability of credit for buyers. Monthly reports from the government agency track both revolving (money charged to credit cards) and non-revolving (money tied up in loans) lines of […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[],"yoast_head":"\n