Credit spending and auto loans up in April

Credit spending and auto loans up in April. The spending was the fast increase in 10 months.

MARTIN CRUTSINGER of the AP reports; “It was unclear, however, how long the rebound in borrowing would last given a decline in consumer confidence during May that was attributed to worries about soaring prices for gasoline and other energy products.”

Further with gas prices heading to all time highs and the summer months ahead, there really is little indication of what will happen. The average price of a gallon of gas reaching $3 this leaves very little left in people’s budgets.

There has been some speculations gas could reach $6 to $7 a gallon by mid summer. If so I think you will see an almost collapse in the U.S. economy.

So let’s hope everyone who bought a car in April bought a Hybrid!