For the Long Term in the U.S, Customers Increase Savings/Less Inclined to Use Debt

Since the 2008-2009 financial crash, consumers in America have been more reluctant to go into debt than in the past. This trend changed to some extent, during 2016 through 2019, as borrowing increased while unemployment dropped and consumers gained confidence.

While many consumers continue to think conservatively, some forms of credit have been growing: 1) Consumers greatly increased their purchases of automobiles, and the total amount of car loans has been rising. 2) Total student debt rose significantly in recent years s. 3) Mortgage debt has been on a slow rise thanks to a strong housing market. 4) Home equity loans are also on the rise. 5) Credit card balances are increasing.

As of the second quarter in 2019, American households owed $4.06 trillion in non-housing consumer credit. .

A U.S. Bureau of Economic Analysis (BEA) report showed that the U.S. savings rate (that is, savings as a percent of after-tax disposable income) soared from a dismal low 0.6% for all of 2007, to 5.3% for 2010. The savings rate had grown further to 8.3% as of September 2019. (In contrast, the 1990s savings rate averaged 5.83% for the decade, declining from 7.0% in 1990 to a meager 1.0% in 1999 as full-speed-ahead shoppers sailed into a sea of fiscal imprudence.)

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