Low interest rates and a rise in household wealth resulting from a healing stock market helped push consumer borrowing within 2 percent of the pre-recession high, according to newstimes.
On Wednesday and Thursday, the Federal Reserve released reports on household wealth and consumer debt pointing to a positive turn in the economy, as American consumers spent more and overall consumer debt rose to $2.5 trillion, approximately 2 percent lower than in 2008, according to the article.
Wealth in households went up 2.1 percent in the October-December quarter, the most in a year, but it would need to go up 13 percent to attain pre-recession levels, according to newstimes.
The gains were driven by an almost 10 percent rise in Americans' stock portfolios, according to the article. The Standard and Poor's 500 index has grown 20 percent since early October.
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