debtconsolidationconnection.com
501 (c)(3) non-profit Organization
Free Consultation
Berner predicts a three percent growth in the economy next year
By Edith Barlow on Sep 15th, 2010
Debt payments decreased to 12.4 percent in the first quarter of 2010 from its peak of 13.9 percent in 2008, proving Americans are recovering faster from the recession than analysts originally expected. The average household debt is also continuing to fall as consumers concentrate on rebuilding their savings.
Richard Berner, co-head of global economics for Morgan Stanley in New York, tells the New York Times he expects to see a 3 percent growth in the economy next year. In the second quarter of 2010, the economy grew 1.6 percent.
"The deleveraging timetable is nearly a year ahead of schedule," Berner told the newspaper.
According to a forecast of 59 economists surveyed by Bloomberg News, the U.S. economy is predicted to grow 2.5 percent this year, lower than initial projections, which pegged growth to reach 2.7 percent. Experts say this stems from the national unemployment rate, currently locked in at 9.6 percent for the month of August.
Consumers can consider debt consolidation to lower their monthly payments. By combining owed money and taking out a loan with a smaller interest rate, borrowers can reduce their expenses.
More Debt Consolidation News
