Cards Reduce but Bankruptcies Rise

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The recession has radically changed the spending habits of Americans. Not only are people trying to be more prudent in spending, but they have also been more cautious in spending on credit. This is reflected in a significant 26% drop in new credit card applications over the last 3 years in the country according to the credit review bureau, Experian. “This implies that many Americans consumers are relying less on cards and potentially trying to pay down debt,” explained Michele Raneri, Senior Director of Analytics in Experian.

According to the same Experian report, New Yorkers carry the most cards on average – 3.77 cards per person – more than any other part of the country. Since the inception of the Credit Card Accountability, Responsibility and Disclosure Act, many consumers have found it easier to manage their credit card debts because this Act contains provisions that make it easier to reduce your credit card balance. But despite the drop in the issuance of new credit cards, statistics show that the number of American cardholders who opted for bankruptcy to clear their credit card debts has risen.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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