Growing acceptance of credit cards by merchants and effective marketing strategies by card issuers have led some analysts to upgrade their forecast for the industry.

"Our thinking was that account growth in terms of outstanding balances and new customers would slow by now, but there are no signs showing that yet," said Moshe Orenbuch, who follows some credit card specialists for Sanford C. Bernstein & Co. "Low [rates] have been explosively popular, and aggressive marketing has boosted overall growth," he said

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