Arizona experiencing increased consumer spending during 2011

A recent report from the Department of Revenue relayed that consumer spending figures in Arizona have increased during 2011 from the previous year.

Overall, Arizona residents have spent more than $4 billion so far this year, which is 11 percent higher than the total at this time last year. While the increase provides optimism that the region is returning to better health, the figure is still down from it pre-recession levels, when Arizonans paid more than $4.8 billion in May 2007.

Financial expert Marshall Vest, a professor at the University of Arizona, told the news source he is "cautiously optimistic" about the spending figures.

The increased spending does show, however, that the consumers in the state are more confident about their finances. Vest also relayed that the year-over-year growth experienced in Arizona is a good sign of the economy's recovery.

As more consumers continue to boost their financial confidence, a greater number could begin to start delving into other areas needing improvement. For instance, consumers who had been hampered by an error or unsubstantiated mark on their credit reports may now want to explore their credit repair options.