However, a recent study from Mintel Comprepmedia shows that credit card debt companies have made a push to increase the number of accounts they are offering through the mail. According to the firm, the number of offers for credit cards hit 180 million in October, which represents 34 percent increase over the amount of offers made in September. For that month, card companies mailed 134 million offers.
“Credit card mail volume is still down significantly from a year ago, but October’s sharp increase is an excellent sign for the industry,” Andrew Davidson, senior vice president of Mintel, said. “With recent green shoots of economic recovery, card issuers feel more confident about the future. I anticipate that this winter will mark the start of a turnaround in credit card direct marketing that will be sustained through 2010.”
October’s increase marks the highest monthly total since December of 2008 and also represents the “first significant rise” of offers for this year. The jump in mailings for credit cards is the highest seen since February of 2004.
Though card companies may finally be offering more credit cards, recent numbers indicate that consumers are trying to pay off their credit card debt. In the next week the Federal Reserve is expected to release statistics regarding the amount of revolving consumer credit, which has seen a consistent drop throughout the year.
For example, the previous release from the Fed on consumer credit showed that revolving credit – much of which is accounted for by credit card debt – dropped by 10 percent during the third quarter.
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