More consumers taking on credit once again
As the economy continues to improve, many consumers are finding themselves on a more solid financial footing, and as a result, a large and growing number are once again turning to dealing with the credit card debt they so actively eschewed during the recession.
A number of recent reports from industry analysts and government agencies confirm that many consumers are once again turning to using their credit cards and building up their balances once again, according to a report from Forbes Magazine. This return to these previously troublesome accounts is seen by many as being the result of an increase in consumer confidence in the country’s economic situation.
In addition, lenders are helping to fuel the return to credit card use by offering more accounts with better interest rates than were seen during the heights of the recession, the report said.
Many consumers may have changed their spending habits during the recession, but the improving economy may have them confident that they are now in a better position to pay down their outstanding debts and handle big purchases on their credit cards.