Thursday, October 18, 2007
That's Billion with a 'B'
How many credit card solicitations will people recieve in the mail during 2007? 5.3 billion according to research firm Synovate. Stunned? Shake it off. That number is down from last year, when 5.76 billion envelopes landed on us. The all time high so far was 6.05 billion offers in 2005. Ever wonder about the response rate? Credit & Collections World reports that Synovate predicts response rates will rise just a tad from 0.5% to 0.6%. Seems like a lot of paper for nothing? A 0.6% response rate yields about 32 million applications for new credit cards.