Many consumers are taking the new year as an opportunity to buckle down on their finances, pay off debt and renew their commitment to financial health. For lenders and debt collection firms, it's important to take into consideration these New Year's resolutions. Accordingly, financial institutions should expect a few trends to unfold in coming months. For example, the recent economic recession, although disastrous to most Americans' fiscal standing, has driven many to reflect on enhance their financial education. For instance, as credit card debt continues to plummet, many Americans are realizing that closing old accounts or balances is not a healthy move, so instead they are merely paying off debts and letting those cards collect dust. Still more are refraining from opening any new accounts or applying for new cards. "While your credit score is helped by opening up new accounts on occasion, opening numerous accounts is harmful," explains CreditInfoCenter.com. "While with the more accounts you have you will have a greater and favorable utilization rate, creditors will wonder why you need so much credit."