Whether their product is consumer goods or HVAC systems, I have two words that are the bane to all salespeople: consumer debt. These two words impact consumers’ ability to buy things.
The New York Federal Reserve’s Quarterly Report on Household Debt and Credit for the first quarter of 2014, showed a $129 billion increase in household debt from the previous period. The good news is that economists believe this increase is a hopeful sign. It suggests consumers are confident enough to boost their purchases by borrowing.