Consumer credit card originations rose 32% during the first eight months of this year, though the amount of total new credit issued still lags behind pre-recession levels by a full 45%, recently released data show.
The total number of new bank credit cards opened from January through August increasing by 25% compared with the same period in 2010, according to the newly released Equifax National Credit Trends Report.
At 7%, retail credit card origination growth continues to rebound, too, after bottoming out in 2010, the company said, noting the holidays should drive another spike in card originations.
At 56%, the industry has seen a dramatic rise in the number of bank credit cards issued to subprime consumers, which Equifax defines as those with Equifax credit scores less than 600.
Equifax sources its national analysis from data on more than 585 million consumers and 81 million businesses worldwide.
