For the 609.8 million credit cards held by U.S. consumers, they keep paying down their credit card debt. Down to a nationwide total outstanding revolving credit of $790.1 billion in August, this figure dropped 3.4% from the year ago period. These figures are down from the July figure of $792.3 billion and the year ago figure of $814.5 billion.
This after March, May and June actually saw increases for the first time since December 2010, breaking the downward trend experienced over the past 2 and half years. With this, revolving consumer credit plummeted from its peak of $973.6 billion in August 2008 by a staggering $179.6 billion.
Issuers are seeking new ways to grow responsibly and are increasingly focusing on the non-prime consumer market, indicating credit standards are beginning to loosen. With card issuers continue to work through elevated charge-off levels, they are focusing on new segmentation approaches and using new analytics and data types. (Cardflash Library, 2011-09-12).