A new credit trend report was just released by Equifax, one of the world’s top credit reporting agencies and the findings reveal that US consumers are beginning to apply for more credit.
Credit lines have recently been established for autos, bankcards, consumer finance and home equity and are up from $145 billion to $167 billion for the time period of March 2010 through March 2011. This comes on top of reports of consumer debt dropping which means people are becoming smarter and are being more responsible with their credit lines. Total consumer debt has fallen nearly 10% from $12.4 trillion to $11.4 since October 2008.
The Federal Reserve has reported that delinquencies on consumer loans have dropped nearly 30% over the past two years which is definitely a sure sign things are beginning to turn around in a more permanent way.
“Despite the concerns of the economy relapsing, several current metrics indicate the credit cycle is stabilizing – even growing somewhat as consumer payment behavior improves,” said the senior vice president of client services at Equifax, Michael Koukonas in a press release.
The study shows how the economic hard times recently faced by many Americans have begun to reflect in their credit spending habits. The lesson about responsible credit management has finally started to really sink in and the results are quite promising.
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