Bad Credit Credit Cards? :: McCarthy Law PLC
November 12, 2014

Are Credit Cards Being Issued to Sub-Prime Borrowers?

Bad Credit Credit Cards

A recent CNBC article shows consumers with low credit scores are being issued credit cards in higher numbers. Since the Great Recession of 2008 has ended, American consumers have been taking on more and more debt and creditors are easing the once tighter lending restrictions. In fact the biggest growth in credit card lending is happening with those with credit scores below 660.

https://www.cnbc.com/id/102170149

Through July 2014, lenders have issued credit cards to 9.8 million sub-prime consumers. This is a six year high and a 43% increase over the same period last year. These new cards also have higher credit limits than previous sub-prime credit cards. This overall trend is powered by the banks feeling more ready to take on risky borrowers and consumers feeling better about the economy and about taking on more debt. Unfortunately, debt is a cycle, and many consumer need to break the viscous cycle of credit card debt. Consult with a qualified debt settlement attorney if you are burdened by credit card debt.

 

Author: Kevin Fallon McCarthy

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