Credit card accounts on the rise
In a recent study of consumer debt by the New York Federal Reserve Bank of New York, economists found that the number of credit card accounts held by Americans rose during the fourth quarter of 
2010.
Overall, the number of open consumer credit card accounts in the U.S. rose to 380 million, up from the 378 million observed during the previous three-month period. This ended a streak of declines for this statistic dating back to the second quarter of 2008.
Inquiries for new accounts also rose for the third consecutive quarter. In addition, the study indicated consumers continued to improve their overall credit by cutting delinquencies and outstanding debt to lenders during this time.
"We know that this phase is a gradual transition process, not a quick event, as households and banks slowly complete their painful adjustments," said New York Fed President William Dudley. "Once the adjustments are completed, households can consume more and regain their access to credit."
The report also noted that consumers cut their debt total by $155 billion at the end of December. Researchers say these factors are likely to contribute to a gradual economic recovery over the course of the year.
5-7-2012
by Chris Martin
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4-6-2012
by Dan Seitz
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by Neil Hayashi
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