CHICAGO—Looking for another sign that credit standards have become too loose and that many consumers now face unmanageable debt levels?
A new report from Transunion indicates that the number of credit card carrying consumers in the U.S. has reached its highest level since 2005.
More than 171 million consumers had access to a credit card at the end of the first quarter. Nearly 22 million additional consumers were able to pull out plastic early this year compared with 2010, reported the Detroit Free Press.
“The rebound in credit card access—and credit card debt—has been fueled, in part, by lenders easing credit to higher-risk consumers now that the economy and jobs picture have improved. The rate of growth for subprime consumers was 8.9% in the first quarter of 2017, a much faster clip than other risk tiers,” the Detroit Free Press noted.
Recent reports also indicate that auto, credit card and mortgage delinquencies are ticking up, largely among subprime borrowers.