Consumers may become more cautious about taking on credit card debt

A number of economic factors may lead more consumers to curtail their spending and in doing so make continued efforts to reduce their outstanding credit card debt.

Recent statistics from the Conference Board shows that consumer confidence fell between April and May, and that might have a negative impact on borrowers' credit card use in the coming months, according to a report from Fitch Ratings. However, broadening lending standards granting some subprime borrowers access to new lines of credit might help to prevent a larger drop in spending.

The good news for lenders is that if consumers reduce spending, they will likely make greater efforts to keep their payments into their outstanding balances coming in on time, the report said. Already, delinquency and default on retailer-issued cards, which are traditionally riskier propositions for lenders than traditional cards, have seen late payments fall to lows not seen in years.

Since the end of the recession, consumers have been able to gain large amounts of debt relief through repeated on-time payments and more controlled spending.