lundi 10 novembre 2014

Dinged credit? Card issuers are happy to lend

Consumers with dinged credit are back in a borrowing mood, and lenders are more than happy to give them new credit cards, according to new data.Since the Great

Recession ended five years ago, consumers have been gradually taking on more debt and lenders have been accommodating them, easing up on tighter standards.

Much of the growth has been in so-called non-revolving credit, especially car loans, thanks to record low interest rates.

But revolving credit (mainly in the form of credit cards) is picking up.

And the biggest growth in new credit cards is coming from so-called subprime borrowers whose credit scores are less than 660, according to the latest Equifax data.

Read more: banks handed out cards to 9.8 million subprime consumers

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