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Consumers are going to be eating up more of their credit and asking lenders for more, according to a December 2012 survey for FICO conducted by the Professional Risk Managers’ Internal Association (PRMIA). This may be promising news for an economy hit hard by consumers’ credit shyness over the past five years.
“These results indicate that 2013 could be the year that Americans begin to embrace credit again, after the considerable deleveraging we’ve seen since 2008,” said Dr. Andrew Jennings, chief analytics officer at FICO, which sponsored the survey, in a news release.
For the survey, FICO and PRMIA polled bank risk management professionals and asked for their predictions for the next six months regarding consumer’ and lenders’ behavior. More than half of the bankers surveyed predict an increase in the volume of credit applications, the average balance on credit card accounts and the amount of credit requested by consumers. The approval criteria and approval rate for credit applications, meanwhile, are expected to remain roughly the same.
The chart below shows bankers’ predictions for first half of 2013 in response to the prompts at the left.
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