SAN MATEO, CA, January 19, 2011 (Press-News.org) Recent holiday retail results indicated that consumers are opening their wallets again - a trend supported by new data that shows more Americans are working, income is up and consumer debt is the lowest in five years, according to the Freedom Debt Relief Quarterly Comment on consumer debt and credit issues.
"From an economic perspective, it is encouraging to see consumers spend more at the holidays than in the past two years," said FDR vice president Kevin Gallegos. "However, even though unemployment is down and personal income is up slightly, that level of spending is a concern for people who might have simply added holiday spending to a worrisome debt load."
FDR co-founder and CEO Andrew Housser noted that consumers spent 5 percent more during the 2010 holidays than during 2009 - but that the unemployment rate is less than half a percentage point lower, and personal income only increased by a similar amount. "These small improvements might not be enough to support sharply higher spending levels," he explained. "Consumers need to be careful to sustain any good habits they developed during the past few years and not charge headlong into debt."
A summary of statistics from recent financial reports includes:
1. Total consumer debt continues to decline. Newly released Federal Reserve Board statistics show the total U.S. consumer revolving and non-revolving debt burden in November was just under $2.4 trillion (excluding mortgage debt), its lowest rate since February 2007. Consumers' total debt burden is 7.2 percent lower than one year ago. Additionally, the household debt service ratio (estimated ratio of debt payments to disposable income) reached 11.89 in Q3 2010, down more than two points from its high of 13.96 in Q3 2007.
2. Revolving debt is at its lowest level since 2005. Consumer revolving debt - which includes credit cards - was $796.5 billion in November. This continues the trend that began in August 2008, with revolving debt falling every month for 25 straight months. During that period, it has declined by more than $177 billion, or more than 18 percent.
3. Non-revolving credit is rising. Throughout the past few years, consumer non-revolving debt - which includes auto and RV loans, education loans, etc. - has risen and fallen, but in late 2010 the trend appeared to be upward. In November, non-revolving debt increased at an annual rate of 4.2 percent.
4. Personal income increases. The Bureau of Economic Analysis (BEA) reports that personal income rose 0.3 percent in November, increasing by $42.3 billion. Disposable personal income (DPI) increased by the same percentage. In October, personal income rose by 0.4 percent, and DPI rose by 0.3 percent, a welcome change after flat personal income in September and a decline in DPI by 0.1 percent that month.
Personal consumption expenditures (PCE) increased 0.4 percent in November and 0.7 percent in October, marking five months of positive PCE after flat PCE in June. "People are beginning to spend again, even while they pay off debt," Housser observed. "While this trend could indicate a tentative recovery for the economy, we urge consumers to stay on course paying down their debt."
5. Employment numbers slightly improved. During December, the U.S. unemployment rate fell by 0.4 percentage points to 9.4 percent - the lowest rate in 19 months - after edging higher to 9.8 percent in November. That means that 556,000 more people found work, bringing the number of unemployed Americans to 14.5 million, down from 15.2 million a year ago. "It is a bright spot to see more Americans going back to work," said Gallegos. "Regaining employment is the first step for people who need to get control of their debt problems."
The FDR Quarterly Comment pulls together significant statistical releases and provides quarterly comment on timely debt and credit issues that matter to consumers. To schedule an interview with Kevin Gallegos or Andrew Housser, contact Aimee Bennett at 303-843-9840 or aimee@faganbusinesscommunications.com.
About Freedom Debt Relief (www.freedomdebtrelief.com)
Freedom Debt Relief provides consumer debt resolution services. Working as an independent advocate for consumers to negotiate with creditors and lower principal balances due, the company has resolved more than $1 billion in debt for nearly 100,000 clients since 2002. The company is a charter member of The Association of Settlement Companies and a platinum member of the International Association of Professional Debt Arbitrators. FDR holds the Goldline Research Preferred Provider certification for excellence among debt settlement companies.
Freedom Debt Relief is a wholly owned subsidiary of Freedom Financial Network, LLC (FFN). Based in San Mateo, Calif., FFN also operates offices in Sacramento and Tempe, Ariz. The company, with more than 500 employees, was voted one of the best places to work in the San Francisco Bay area in 2008 and 2009, and in the Phoenix area in 2008, 2009 and 2010. FFN's founders received the Northern California Ernst & Young Entrepreneur of the Year Award in 2008.
Freedom Debt Relief Quarterly Comment: New Federal Reserve, BEA Reports Show Upward Trends
Execs warn consumers to be wary of increasing debt in improving conditions
2011-01-19
ELSE PRESS RELEASES FROM THIS DATE:
Three Colorado Churches Add Fransen Pittman General Contractors to Their Project Teams
2011-01-19
Denver's Grace Presbyterian Church, as well as Colorado Springs' Pikes Peak Christian Church and Circle Drive Baptist Church are building new facilities to accommodate their growing congregations and chose Fransen Pittman General Contractors as their builder.
"Fransen Pittman is thrilled with the opportunity to turn our clients' visions into reality, and provide them with worship spaces that meet their current and future growth needs," said Fransen Pittman Co-founder and President John Pittman.
Grace Presbyterian Church is planning a 25,000sq ft new building on Santa ...
Rosenberry Rooms Voted One of Babble's Best
2011-01-19
Rosenberry Rooms, an online retailer and boutique for children's furniture and gifts, was voted one of Babble.com's "Ten Best Ways to Brighten Up a Kids' Room." Babble, a modern parenting website, chose Rosenberry Rooms as the place to shop for children's lighting and rugs.
The article featured ten different ways to utilize bedding, wall paints and decor to make your child's room a vibrant and energetic environment. The Sena Hanging Lamp in baby blue was selected for kids lighting. Also featured was the Rosenberry Rooms' Retro Swirl playground rug by Surya. The retro ...
Marx Layne & Company Promotes Mike Ingberg to Senior Account Executive
2011-01-19
Marx Layne & Company—a full-service marketing, public relations and digital media agency—has announced the promotion of Mike Ingberg from account executive to senior account executive. The announcement was made by managing partner Michael Layne.
Since joining the agency in 2006, Ingberg has been responsible for executing public relations and marketing strategies for a variety of clients in the professional service, healthcare, hospitality, non-profit and alternative energy industries. He possesses more than a decade of experience in sports public relations and event promotion.
Ingberg ...
Fishbowl Solutions Joins Google Enterprise Partner Program
2011-01-19
News Facts
• Fishbowl Solutions announced on January 17, 2011 that they have joined the Google Enterprise Partner program, which extends the power of Google technologies across the enterprise and helps customers get more value out of their Google enterprise deployments.
• Fishbowl is leveraging its software development and implementation experience to develop productized connectors for Oracle E2.0 products and the Google Search Appliance (GSA).
• Fishbowl is building on their previous success delivering bespoke integrations with the Oracle Enterprise Content Management ...
rPath Delivers Blueprint for the IT-as-a-Service Transformation
2011-01-19
rPath, the service factory for on-demand IT, is sponsoring an upcoming webinar and in-depth discussion of the new blueprint for delivering IT as a service. This timely webinar will detail how IT organizations must transform and automate their processes to look like today's industrial factories to accelerate and scale in the age of on-demand IT.
IT organizations are under pressure to transform—to replace bottlenecks and bureaucracy with on-demand IT service delivery models. But this transformation to IT-as-a-Service requires new thinking about old processes. The reality ...
Viviani Selected as a "Top Idea Maven" by the Woman's Advantage
2011-01-19
Lynette Viviani, president and founder of Viviani Public Relations, was selected from over 5,000 submissions to be featured in The 2011 Woman's Advantage Shared Wisdom Calendar. The calendar provides advice for women business owners from influential women leaders across the US and Canada.
Mary Cantando, Growth Expert of The Woman's Advantage, today announced that Viviani's advice has been included in the calendar which provides daily words of wisdom on key business issues including organization, promotion, sales and human resources.
"Lynette's quote was selected because ...
Pioneer Transcription Services Hires New Quality Assurance Manager
2011-01-19
David Devitt has joined the staff at Pioneer Transcription Services as head of quality assurance. PTS is always striving to maintain the highest quality work product possible. The first step in doing so is by utilizing the best transcription talent from across the United States. Using state-of-the-art technology allows workers to work in separate locations. Mr. Devitt will be in charge of managing the work product of these various individuals.
Mr. Devitt has been a long-time supporter of the company, watching his wife, Deborah build the business over the last 20 years. ...
Groundbreaking Speaking Engagement at the Omphoy Ocean Resort Shares Health & Vitality Secrets from Ruettiger, the Inspiration for the 1993 Sports Classic "Rudy," and Willix, Noted Preventive Medicine
2011-01-19
"The Triumph Tour," hosted by Daniel "Rudy" Ruettiger, who inspired the 1993 TriStar Pictures movie "Rudy," and Robert D. Willix, Jr., M.D., CMO of Cenegenics Medical Institute and CEO and CMO of Cenegenics Medical Institute of Boca Raton, arrives January 25 at Palm Beach's Omphoy Ocean Resort. From 7 to 9 p.m., Ruettiger and Willix will share the groundbreaking transformative secrets behind improving mental and physical capacities, vigor and peak performance in business and life. Tickets are available for purchase at http://www.TheTriumphTour.com. "The Triumph Tour" is ...
O.Berk Company Shines with Classique Jewel Jars
2011-01-19
O.Berk is proud to introduce Classique Jewel Jars made from SAN plastic. Available in .5 oz. and 1 oz. (both with 43mm neck finish), 2 oz. (with 56mm neck finish) and 4 oz. (with 63mm neck finish) sizes. Classique Jewel Jars are sold by the case and require only a two-week lead time. Stock colors include cobalt, emerald, amber, garnet, tangerine, blueberry ice, berry, grape, lime, clear and frost, white, black, silver, gold, brushed and polished. Additional custom colors are available with a minimum order quantity of 25,000.
These jars, with triple-threaded neck designs, ...
Alaska Employers Have New Choice in Payroll Software
2011-01-19
Patriot Software, Inc., announces that their Patriot PAY small business payroll software is now available to Alaska employers.
Patriot PAY is online payroll software specifically geared for American small businesses with 50 or fewer employees. The software's commonsense design will accurately and efficiently calculate all Alaska payroll taxes and offer built-in help along the way for customers.
Employers can tailor the software for their company needs, customizing contributions and deductions for individual employees and choosing from handwritten checks, printed paychecks ...
LAST 30 PRESS RELEASES:
CMD-OPT model enables the discovery of a potent and selective RIPK2 inhibitor as preclinical candidate for the treatment of acute liver injury
Melatonin receptor 1a alleviates sleep fragmentation-aggravated testicular injury in T2DM by suppression of TAB1/TAK1 complex through FGFR1
Single-cell RNA sequencing reveals Shen-Bai-Jie-Du decoction retards colorectal tumorigenesis by regulating the TMEM131–TNF signaling pathway-mediated differentiation of immunosuppressive dendritic ce
Acta Pharmaceutica Sinica B Volume 15, Issue 7 Publishes
New research expands laser technology
Targeted radiation offers promise in patients with metastasized small cell lung cancer to the brain
A high clinically translatable strategy to anti-aging using hyaluronic acid and silk fibroin co-crosslinked hydrogels as dermal regenerative fillers
Mount Sinai researchers uncover differences in how males and females change their mind when reflecting on past mistakes
CTE and normal aging are difficult to distinguish, new study finds
Molecular arms race: How the genome defends itself against internal enemies
Tiny chip speeds up antibody mapping for faster vaccine design
KTU experts reveal why cultural heritage is important for community unity
More misfolded proteins than previously known may contribute to Alzheimer’s and dementia
“Too much going on”: Autistic adults overwhelmed by non-verbal social cues
What’s driving America’s deep freezes in a warming world?
A key role of brain protein in learning and memory is deciphered by scientists
Heart attacks don’t follow a Hollywood script
Erin M. Schuman wins 2026 Nakasone Award for discovery on neural synapse function and change during formation of memories
Global ocean analysis could replace costly in-situ sound speed profiles in seafloor positioning, study finds
Power in numbers: Small group professional coaching reduces rates of physician burnout by nearly 30%
Carbon capture, utilization, and storage: A comprehensive review of CCUS-EOR
New high-temperature stable dispersed particle gel for enhanced profile control in CCUS applications
State gun laws and firearm-related homicides and suicides
Use of tobacco and cannabis following state-level cannabis legalization
Long-term obesity and biological aging in young adults
Eindhoven University of Technology and JMIR Publications announce unlimited open access publishing agreement
Orphan nuclear receptors in metabolic dysfunction-associated steatotic liver disease development
A technological breakthrough for ultra-fast and greener AI
Pusan National University researchers identify key barriers hindering data-driven smart manufacturing adoption
Inking heterometallic nanosheets: A scalable breakthrough for coating, electronics, and electrocatalyst applications
[Press-News.org] Freedom Debt Relief Quarterly Comment: New Federal Reserve, BEA Reports Show Upward TrendsExecs warn consumers to be wary of increasing debt in improving conditions