Consumer Credit Market Continues to Improve
The consumer credit markets improved again in the second quarter, according to The Household Debt and Credit Report that was released today by The Federal Reserve Bank of New York.
The study suggests there was a modest increase in the willingness of consumers to borrow and banks to lend.
Credit card limits increased by $60 billion or 2 percent. This was the second consecutive quarterly increase in 2011.
Open credit card accounts jumped by 10 million to 389 million. This represented a 2.6 percent increase.
Delinquency rates continue to improve, and delinquent balances remain 15 percent below levels from a year ago.
The report is based on data from the New York Fed’s Consumer Credit Panel, which represents a nationally representative random sample drawn from Equifax credit report data.