Credit predictions for 2012

As the year draws to a close, credit card comparison website Card Hub has released a list of predictions on how the state of credit will fare in 2012.

According to the website, credit availability will likely grow. While lending standards are tight now, Card Hub anticipates that credit card companies' and mortgage brokers' portfolios will improve, causing them to relax underwriting standards.

Something else that the website expects to rise are credit scores. Because the unemployment rate has diminished from an average of 9.6 percent in 2010 to 8.6 percent in November 2011, Card Hub says it's inevitable that credit scores will increase, as more credit becomes available and more people are able to keep up with their bills.

The website also foresees that credit card and prepaid card use will trend upward while debit card use will diminish, largely as a result of interchange fees that limit banking industry profits.

Odysseas Papadimitriou, CEO of Card Hub, added that the containment of the European debt crisis will also make 2012 a great year for credit.

As a New Year's resolution, consumers may want to try and get into the habit of checking their credit scores online so they know where they stand financially.