NEW YORK—U.S. credit card issuers are beginning to pull back on the business even as consumers keep up with their bills during the coronavirus pandemic.
Total credit on new accounts slumped 8.3% in the second quarter from a year earlier, to $78 billion, the first decline in more than two years, according to data compiled by TransUnion.
The average credit line issued for new accounts fell 9% to $5,257, with declines across all tiers of borrower riskiness, the figures show, noted Bloomberg.