NEW YORK—Secured credit cards, once just a tool for those looking to rebuild their credit, are now making their way mainstream, according a new report.
“Over 150 million individuals in the U.S. are considered financially at risk today, according to Experian and U.S. Census data. These consumers continue to face pressure when managing their finances, from high inflation to economic uncertainty,” Bond CEO Roy Ng told Pymnts.com.
Nearly one-third of U.S. consumers have a subprime credit score, defined as between 580 to 669, including 40% of Millennials, who make up the highest ratio of subprime consumers of any generation. Additionally, an estimated 49 million U.S. consumers are classified as either credit invisible or unscorable, Ng said, according to Pymnts.com.
“Businesses and consumers face a tumultuous macroeconomic environment, skyrocketing inflation, and a looming recession. As a result, there is an opportunity for the credit landscape to shift, and the offering and use of secured credit cards are the solutions that will help brands and consumers alike,” Ng said.
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