Credit Card Limits Increase, While Balances Drop in Many Major Cities
News from Fox Business:

A pair of studies from a leading credit reporting agency shows that credit card use continues to stabilize, especially in parts of the country hit hardest by the recession. Equifax’s recent National Consumer Credit Trends Report measured increases in auto loans, student loans, and new credit cards. Meanwhile, a study of regional credit card debt shows that overall balances keep shrinking in cities where consumers bore the brunt of unemployment and declining home prices.

For the first time since April 2010, the number of open American credit card accounts topped 300 million. While credit limits on those cards have risen above $ 1.87 trillion, consumers are only using about 22% of their available credit, Equifax researchers told reporters. Over $ 87 billion of that available credit originated this year, as banks grow more confident about their underwriting as consumers use credit cards more responsibly than in previous years.

Researchers see evidence of the trend in Los Angeles, San Francisco, Detroit, Atlanta, Miami, and Phoenix. All six of those cities saw their residents’

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