Expect more credit card offers from credit unions

Many consumers may have noticed that their mailboxes are being filled with more generous credit card offers from a number of major lenders in recent months, but other financial institutions are likely to step up their marketing as well.

Federal credit unions are seen as the next big competitors when it comes to offering credit card debt to those who have had trouble with their accounts in the past, according to a report from Business Insider. That's because they're stepping up marketing efforts, particularly to those with limited or damaged borrowing histories.

These accounts may be beneficial to those with low credit ratings because federal law limits the interest rates on all types of loans – including credit cards – these institutions can offer at just 18 percent, the report said. That's considerably lower than the interest rate most low-credit borrowers can expect from lenders, which is usually closer to 25 percent.

Efforts to market credit cards to consumers who have been locked out of the credit system in the past have expanded in recent months, as many Americans have made more conscientious efforts to reduce debt and have cut instances of delinquent and defaulted accounts significantly.