Statistics Reveal That Credit Card and Autlo Loan Lenders Providing Accounts to Consumers With Damaged Credit, The Oklahoma Bankruptcy Lawyers at Atkins & Markoff Report

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The Oklahoma bankruptcy lawyers at the law firm of Atkins & Markoff, whose Web site URL can be found at http://www.OklahomaBankruptcyLawCenter.com, hereby alert the public of the release of new statistics regarding credit card companies providing more than one million new credit accounts to consumers with damaged credit in December of 2012. This represents a jump when compared to the same month from the previous year and is part of a larger trend that includes a jump in auto loans given to borrowers with damaged credit.

The Oklahoma bankruptcy lawyers at Atkins & Markoff, a team of bankruptcy attorneys who represent consumers and businesses who need help with their finances, hereby alert the public of the release of lending statistics that reveal that large credit card companies and other card issuers have been opening new accounts for consumers with damaged credit in recent months at a much higher rate than in the same month the previous year.

Specifically, the credit reporting agency Equifax released a credit trends report in March that revealed that credit card lenders opened new accounts with 1.1 million consumers across the United States who have damaged credit. This statistic represents a jump of approximately 12.3 percent when compared to December of 2010. This credit trends report was released in March.

In addition, another credit reporting agency, Experian, reported that borrowers who have damaged credit formed a much larger percentage of those initiating auto loans in the fourth quarter of 2011 as compared to the same quarter in 2009. 23 percent of new auto loans in the fourth quarter of 2011 were provided for borrowers with damaged credit, which is a jump of 17 percent when compared to the fourth quarter of 2009.

While establishing new credit accounts and keeping them current is a positive way to rebuild a credit score, the risks that are present involve the potential inability to maintain those credit accounts and to eventually fall into delinquency or default. The Oklahoma bankruptcy lawyers at Atkins & Markoff advise consumers to exercise extreme caution if they have credit trouble before taking on the potential for more debt.

About Atkins & Markoff

The Oklahoma bankruptcy lawyers at Atkins & Markoff, whose law firm Web site URL can be found at http://www.OklahomaBankruptcyLawCenter.com, is a law firm comprised of Oklahoma bankruptcy attorneys who have been representing consumers since 1999 in bankruptcy-related legal matters that include Chapter 7, Chapter 11 and Chapter 13 bankruptcy cases as well as debt consolidation and credit counseling matters. The firm represents consumers in bankruptcy cases throughout the state of Oklahoma.

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Dan Markoff
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