SEATTLE, April 16, 2013 /PRNewswire/ --
The U.S. Federal Reserve has announces that consumer borrowing in the United States increased by $16.2 billion in January from the previous month. The total amount of consumer borrowing is now at $2.8 trillion dollars, which is the highest recorded level. Within this category, the student loan and auto loan sectors received a massive $18.3 billion gain in December alone. In January, Social Security taxes rose while take-home (net) pay decreased.
PersonalLoansForBadCredit.net notes that this increase in debt is indicative of the rising cost of education and automobiles in the United States. The average college student graduates with debts of more than $150,000. The average cost of a new car in America is $30,000, which is in excess of the average yearly wage.
With the expenses incurred in tertiary education and driving a car, many consumers need to look for more affordable and readily available avenues for finance, especially if their credit scores are considered bad or very poor. PersonalLoansForBadCredit provides a free and reliable framework for applying to and comparing bad credit lenders. These lenders have been pre-screened and offer a range of products for auto loans, student loans, personal loans and short term loans.
PersonalLoansForBadCredit.net addressed the Federal Reserve statistics in the following statement.
"Access to education and having a car are two of the bedrocks of American society. The figures released by the Federal Reserve show that millions of Americans are getting into debt in order to better their educational standing, future prospects and to drive themselves and their families to work and school. While it is regrettable that these cornerstones of society are not more affordable, it is an unfortunate sign of the times."
"As such, we at PersonalLoansForBadCredit believe that consumers should be given the widest arena for choice for borrowing and loans. Our comparison platform allows consumers to search for the most competitive auto loans and student loans, even with bad credit. If consumers must get into debt to attend college and buy a car, they need all of the options in front of them. We can help illuminate their choices and introduce them to lenders that can offer some of the better deals available online."
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Contact: Sam Ash