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Bank card issuance rises to 3-year high - Aug. 19, 2011
The number of cards banks issued to subprime borrowers, meaning consumers with tarnished credit histories who present a greater credit risk, rose a whopping 65% during the first five months of the year, to 4.4 million cards. During the same period in 2009, the number of cards issued to these risky borrowers tumbled 63% year-over-year.
Limits on credit cards have also increased, Equifax found. Overall credit limits rose more than 27% from January to May, and new subprime bank card credit limits soared 68%.
The number of cards banks issued to subprime borrowers, meaning consumers with tarnished credit histories who present a greater credit risk, rose a whopping 65% during the first five months of the year, to 4.4 million cards. During the same period in 2009, the number of cards issued to these risky borrowers tumbled 63% year-over-year.
Limits on credit cards have also increased, Equifax found. Overall credit limits rose more than 27% from January to May, and new subprime bank card credit limits soared 68%.