(NEW YORK) — If you’re in the market for a new credit card, now is your time. There is a good chance that banks will increase their pace of opening new accounts in 2012 because of reports that consumer defaults have dropped so dramatically.
This means that even those with moderate credit scores should have an easier time getting approved for new credit cards.
Some of the top card companies have reported that their November defaults and late payments have remained below the levels that were typical before the recession hit.
According to Moody’s credit agency, this means that banks will be more willing to lend to customers who may have had trouble making their payments on time in the past.
Copyright 2011 ABC News Radio
Pat Reavy, CNN
Kevin Quinn, ABC 13
Parija Kavilanz, CNN
Barbie Latza Nadeau, Margot Haddad, Livia Borghese and Angela Dewan, CNN