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Consumer spending is up

Consumer spending is up

By Daniel Gutierrez. CREATED Oct 14, 2013

If you're spending more money these days, you're not alone.

The Federal Reserve reports consumer debt is up. It increased at an annual rate of 5.5 percent in August. And nonrevolving credit, things like car loans, increased at an annual rate of 8.0 percent.

For several years, since 2008, many people were paying down their debt and not taking out so much new debt, because banks weren't lending. But that appears to be changing.