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Consumers Warily Embracing Credit Cards Again, Fed Reports Show

Tuesday, August 16, 2011 - 8:52 AM
From CreditCards.com
Like two old friends trying to rebuild a fractured relationship, banks and credit card users are tentatively reconciling, according to a pair of Federal Reserve reports released Monday.

During the second quarter of 2011, more consumers opened card accounts than closed them, and they had bigger credit limits to charge with, too, says the Federal Reserve Bank of New York's Quarterly Report on Household Debt and Credit. The number of credit card accounts jumped fby 10 million, to 389 million, between April 1 and June 30. In addition, aggregate credit limits went up by $60 billion.

The Fed's quarterly senior loan officer survey, also released Monday, showed banks made it a bit easier for borrowers to get new credit in the second quarter. The survey also showed a bump in consumer demand for credit.

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