The NY Fed’s report for Q211 notes some of the same positive trends in consumer credit and credit cards noted in other sources. This study relies on consumer credit report panel data from Equifax.
Notable to the credit card industry, credit card lines were up 2 percent or about $60B. Credit card accounts are estimated to have risen by 10 million, a notable turnaround if it holds. Meanwhile, delinquency rates continue to fall.
The NY Fed remains cautious, and is far from declaring a credit rebound:
“Outstanding consumer debt remained essentially flat, down just $50 billion, in what was basically a repeat of the previous quarter. This is more evidence that the pace of consumer deleveraging that began in late 2008 has slowed,” said Andrew Haughwout, vice president in the Research and Statistics Group at the New York Fed. “During the next few quarters we will gain a better understanding of whether this is a permanent or temporary break in the decline of total outstanding consumer debt.”
Click here for more: http://www.newyorkfed.org/newsevents/news/research/2011/an110815.html