Widespread Credit Growth Seen In Latest Equifax Monthly Report

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Real Estate Agent with Remax of Joliet

Widespread Credit Growth Seen In Latest Equifax Monthly Report

Source: National Mortgage Professional Magazine | May 4, 2011

Multiple portfolio metrics indicate that the U.S. credit market is stabilizing and is growing - according to Equifax's monthly National Credit Trends Report for March 2011. The most recent trend data indicates that sustained new credit growth is underway within a number of markets, with year-over-year increases in the number of home equity loans (a nine percent increase), auto (a 23 percent increase), bankcard (a 14 percent increase) and consumer finance (a five percent increase). According the report by Equifax, consumers continue to more consistently pay credit bills on time, while simultaneously paying down existing debt, resulting in an increase in the average credit risk score nationally. Although the credit available represents about half of pre-recession levels in 2006, it is steadily increasing, with 2010 levels exceeding 2009 and that trend is expected to continue for this year. [Read this article]

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