New credit cards down 38%

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For those relying on consumer credit to come to the rescue recieved bad news this week on the latest credit card approval numbers.   USA Today reported, “In the first four months of the year — the latest data — banks issued 9.8 million new credit cards, a 38% drop from the same time last year, according to Equifax credit bureau data. Low-risk borrowers can still get credit, but they’re getting less than before. The average limit on a new card, after rising during the recession, slipped 3% so far this year to $4,594.” Continue reading.