Creditnet News Story
Number of new credit cards has dropped
Monday, August 9, 2010
By Linda McCarthy
The recession that has gripped the country for the last two years has had a profound effect on the way consumers obtain and use their credit card accounts.
According to a new report from the credit monitoring bureau Experian, Americans have opened 26 percent fewer credit card accounts over the last three years as a result of the nationwide financial crisis. This new way of approaching credit has also radically altered the way they use their accounts.
"This implies that many American consumers are relying less on cards and potentially trying to pay down debt," said Michele Raneri, Experian's senior director of analytics.
The study also examined the credit habits of consumers in the 20 largest metropolitan areas in the country. It found that New York City residents carry more cards on average - 3.77 per person - than anyone else in the country.
Many consumers may have found that they've had an easier time managing their credit card debt since the passage of the Credit Card Accountability, Responsibility and Disclosure Act. The law includes provisions that may make it easier for Americans to pay off their outstanding balances.
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