Utah foreclosure rate below U.S. average

SALT LAKE CITY -- A new report says Utah's foreclosure rate is on the rise, but still well below the national average.

The Mortgage Bankers Association reports that home foreclosures in Utah rose from 0.61 percent to 0.8 percent since 2006. Foreclosure rates were actually lower in Utah for most of 2007, but jumped about 7 percent in November and 15 percent in December over 2006.

Confidence at lowest point since 2002

WASHINGTON -- Confidence in the economy dropped to a new low as worries about a possible recession, persistent problems in the housing and credit markets and lofty energy prices put people in a more gloomy mind-set. According to the RBC Cash Index, confidence sank to a mark of 33.1 in early March, down from 48.5 in February. The new reading was the worst since the index began in 2002.

Consumers increase reliance on credit cards

WASHINGTON -- Consumers increased their borrowing in January, especially relying on credit cards to finance their purchases. The Federal Reserve reported Friday that consumer credit increased at an annual rate of 3.3 percent in January. That was up from a 1.8 percent growth rate in December.

and marked the fastest pace since November.

The pickup in January pushed up total consumer debt by $6.9 billion to $2.52 trillion. That was on target with economists' expectations.

The increase in borrowing was led by heavier use of revolving credit, primarily credit cards. Demand for revolving credit rose at a 7 percent pace in January. That was up from a 2.8 percent growth rate in December.

Demand for nonrevolving credit used to finance cars, vacations, education and other things, rose at an annual rate of 1.1 percent for the second month in a row.

Consumers have been moving to put more of their purchases on their credit cards as banks have tightened up on their lending standards for home equity loans in response to the deepening credit crisis.

The Fed's measure of consumer borrowing does not include any debt secured by real estate such as mortgage or home equity loans.