Lenders more generous as competition increases

The stabilization of the economy has allowed many credit card lenders to become more confident in their assumptions of who will repay their debt, WJXT-TV reports. Because of this, lenders are now extending more lines of credit, and many experts believe banks will once again begin competing for borrowers' services as the year goes on. "Credit card issuers have come out of their shell," Greg McBride of Bankrate told the news source. "They're now back on offense, they are trying to grow their businesses but they're trying to do so primarily through top credit quality consumers." Right now, lenders are still reserving their best offers - such as those with no balance transfer fees - for people with consumer credit report scores of 740 or higher. But that shouldn't discourage borrowers with lower scores, because increased competition means some lenders are also extending offers to those with "rockier" histories, explains Debtmerica Relief. One example is Florida resident Miranda Marquit, who has been getting offers for interest rates in the single digits due to her exemplary credit score. "I've noticed a big difference from this year to last year," she told WJXT.