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Lending may increase as American consumers learn to budget

May 10, 2013 Philip Burgess

Lending may increase as American consumers learn to budget

American consumers learned lessons the hard way during the Great Recession but now many say they known how to manage their finances. A recent survey from American Consumer Credit Counseling (ACCC) showed that 76 percent of respondents know how to budget.

U.S. consumers are educating themselves on other financial tasks as well. More than six in 10 of those polled by the ACCC said they know how to address inaccuracies on their consumer credit reports.

"In an era when nearly 40 million consumers have a mistake on their credit report, more and more individuals are arming themselves with the necessary financial education to combat these errors," said Steve Trumble, president and CEO of the ACCC. "These errors can affect one's ability to purchase a car, obtain a loan or even attend school."

This is sure to be seen as a positive development for short term lenders that may be willing to increase lending to Americans.

A recent Gallup poll backed up this sentiment as it showed consumer spending is on the rise in America. In March, Americans spent $89 per day which was an increase from the $83 they spent daily in February.