Jul 23, 2013 Walt Wojciechowski
American consumers are starting to spend more as the economy improves. This development is welcome news for short term lending companies and other financial institutions that could see a spike in business if consumers continue to spend and borrow.
Gallup collects data relating to American's daily spending habits that does not include major purchases such as homes or automobiles. Based on 3-day and 14-day rolling averages, the information highlights the normal spending activity of the country's population.
Gallup's July 9, 2013 reading marked the 3-day average at $86 spent per person per day, while the 14-day average was $89. Both figures were improvements from the July 9, 2012 readings that saw the 3-day and 14-day averages listed at $81 and $70, respectively.
Despite an increase in spending, the delinquency rates for most debt accounts has decreased. Reuters recently reported that a measurement of eight loan categories found that just 1.7 percent of all accounts saw late payments during the first quarter of 2013. That was a drop from the previous quarter in which 1.99 percent of all outstanding accounts experienced delinquent payments.