Here's a sign that people are no longer living in fear of this economy: In figures released this week, we learned that consumer borrowing surged upward in November, reaching its highest level since September 2009. The increase in borrowing over the course of a single month was the largest since November 2001, exactly ten years earlier.
Revolving debt, which is primarily credit-card borrowing, climbed by $5.6 billion in the month. That was the single biggest jump in that figure since March 2008. But non-revolving debt - loans for cars, student loans, etc. - made an even bigger leap. That figure jumped by $14.8 billion, the most it's gone up in a single month since February 2005.
One of the leading factors in all that increased borrowing is car loans. Car sales in November were at their highest rate since August 2009. Overall, in 2011, the American car industry had its best year since 2008.
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