Consumers to scale back on borrowing
Media, PA, Jul. 8 (UPI) -- U.S. consumers plan to scale back on borrowing in coming months, according to a survey released Thursday.
International Communications Research of Media, Pa., said its overall Cambridge Consumer Credit Index fell to 59 in July from 61 in June.
The overall index is an average of three measures: consumer intentions on debt for the past month, the next month and for the next six months. A higher number means more debt and a lower number means less debt.
"This survey reading suggests that credit demand is stabilizing at near average levels after it spiked in May to 68," said International Communications Research.
The index measuring consumer intentions for the next month remained unchanged at 38 in July, but the index gauging what consumers plan to do in the next six months slid to 76 in July from 78 in June.
The Cambridge Consumer Credit Index is a forward-looking indicator gauging consumer spending and debt. The index is derived from a monthly telephone poll conducted by ICR
of 800 randomly selected U.S. consumers.
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