Have you opened your mail box recently to find a mountain of new credit card offers?
According to a new report from Equifax the banks have seen a surge in new credit card originations over the past year. In fact originations are up over 28% year over years. Perhaps most revealing is this little nugget:
Notable within the data is that lenders continue to expand the subprime category with Feb. 2011 subprime bankcard originations* up by more than 75 percent over Feb. 2010 numbers, and total new subprime bankcard credit up by more than 66 percent.
Wasn’t sub prime lending one of the main drivers behind the great recession of 2008? At any rate we shouldn’t expect anything less from the banks, after all they are in the business of lending money.
If you are currently overwhelmed by credit card debt and are experiencing financial hardship, call us today 1-877-722-3328 and one of our Debt Specialists will review your situation and review all of your options. If you are a good candidate for debt settlement, we will cover all of the benefits and risks; if not, we will try and give you some good advice and point you in the proper direction.