Equifax Reports Consumer Credit Cards Recovery

Equifax in its latest report called National Consumer Credit Trends states that data shows new credit originations have been moving back towards previous higher levels. The number of new credit card accounts opened during the first three quarters of 2012 reached $675 billion, a substantial increase from $523 billion during the same time period in 2010. Retail credit cards from stores accounted for most of the recovery though bank credit cards have made gains as well during the last two years. Retail outfits and their card issuers created $47.5 billion in new accounts for their customers through November 2012, which translated into a 17 percent increase from 2010 levels. Newly issued bank credit cards totaled over $132 billion through September 2012. Overall, bank credit cards have increased by 44 percent since the lowest point of the recent economic recession.

Equifax also reported that bank credit card consumers have used only about 22 percent of their available credit. Credit card balance write-offs for issuers have also continued to drop, according to the report, indicating that overall consumers have become more responsible in regards to unsecured consumer debt, opting to preserve their credit accounts and credit scores. Bankruptcies have also leveled out since the peak in 2005, just before new bankruptcy laws went into effect.

Chicago Bankruptcy and Debt Relief Attorney

For those still in the throes of crushing debt, getting workable solutions to resolve the situation is crucial. Overwhelming unsecured debt in the form of credit card balances, medical bills, and payday loans can lead to the daily stress of creditor and collection agency calls and letters and the struggle to make minimum payments which will go on forever.

At the bankruptcy firm of Attorney Joseph P. Doyle, serving clients in and around Chicago, you can get the vital information you need to handle your debt situation, based on the unique circumstances and facts of your financial scene. By discussing your case with an experienced attorney, you can learn what your debt relief options are and the best way one for you. Mr. Doyle and his legal team have extensive knowledge concerning all the complexities of any bankruptcy filing or bankruptcy alternative. Contact the firm for a free case evaluation to get the facts and to get started on an effective debt relief plan.