More people are using credit cards than in the recent past, according to one recently published industry report.
The Equifax National Credit Trends Reports found that while overall credit was still 45 percent lower than before the recession, credit card accounts opened were 25 percent higher from January to August of 2011 than last year. Retailers looking to enhance merchant services handed out 7 percent more cards than they did during 2010 as well.
Experts say that the industry had a long way to go to get back to where it once was.
“On the whole, the lending industry is experiencing dramatically mixed results depending on sector,” said Michael Koukounas, senior vice president of special client services for Equifax. “Bank credit card and auto lending, in particular, have consistently performed strongly this year, providing some ground for optimism, but the severe retraction within home equity lending continues to underscore the level of impact that declining home values are having on the economy.”
In other credit card industry news, police in New York recently discovered a stolen credit card ring which targeted diners at upper class restaurants.Back To Blog