Study finds credit card lending on the rise
Consumers who are interested in dealing with credit card debt once again may now have the ability to obtain a new account from lenders who previously may have shut them out.
New data suggests that credit card lending has increased significantly on a year-over-year basis, with 35 percent more new accounts being issued as of March, according to the latest monthly report from credit monitoring bureau Equifax. Overall, the amount of new credit (including credit cards, auto loans and other financial products) issued during the month – while still well beneath pre-recession levels – increased to $167 billion.
“Despite concerns of the economy relapsing, several current metrics indicate the credit cycle is stabilizing – even growing somewhat as consumer payment behavior improves,” said Michael Koukounas