This Week In Credit Card News: It’s Now Easier To Get A Credit Card; Consumer Borrowing Is Soaring

Banks Are Making It Easier to Get Credit Cards

Lenders are again welcoming borrowers with less-than-pristine credit, a vote of confidence in the health of the U.S. economy and Americans’ finances. An estimated 29.2 million general-purpose credit cards were issued to people with credit scores of 660 and below last year, according to TransUnion, up from 20.4 million in 2020 and 26.3 million in 2019. That is generally the threshold where lenders view consumers as having fair, rather than good, credit. Even subprime borrowers, a group shunned during the pandemic, are finding it easier to get credit. [The Wall Street Journal]

U.S. November Consumer Borrowing Marked Largest Gain in 20 Years

U.S. consumer credit soared by $40 billion in November, more than double expectations and compared with a $16 billion gain in October, according to Federal Reserve data released Friday. That translated into an 11% annual gain, the largest move in a single

Keep reading this article on Forbes Small Business.

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