(CHICAGO) — More people now qualify for credit cards, even if they don’t have a stellar credit history.
TransUnion, the credit reporting firm, says banks are issuing more cards, and fewer people were 90 or more days late on their payments in the first quarter of this year.
“After two consecutive quarters of increases in both the delinquency rate and average debt, it is encouraging to see a return to declines in delinquency,” said Ezra Becker, vice president of research and consulting in TransUnion’s financial services business unit. “This contributed positively to a general trend since the bottom of the recession, which saw delinquency rates remain at near-record lows.”
The number of new cards sent out to consumers last year rose by more than 20 percent versus 2010.
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Sam Turner, Deseret News
Tara Bench, KSL.com
Aaron Smith, CNN Newswire
Brian Stelter, CNN Money