CHICAGO—Credit card use is on the rise.
The number of credit card accounts increased by 2.6% compared to this time last year, according to TransUnion's Q1 2018 Industry Insights Report.
Currently, there are 416.5 million credit cards and 174.9 million consumers with access to a credit card. Also on the rise is the average credit card debt per borrower, which increased by 2.63% since last year, jumping from $5,332 to $5,472, noted Business Insider in its analysis.
The serious credit card delinquency rates per borrower was 1.78% as of the first quarter in 2018, an increase from 1.69% a year ago.
“This is the first time America has seen a delinquency rate this high in quarter one since the 1.77% delinquency rate in 2012, although it remains below the 10-year first quarter average of 1.91%,” Business Insider said.