Credit Card Issuance Hits 3-Year High

August 20, 2011 3:13 am

We spotted this today:

“The total number of bank cards, or credit cards issued by banks, jumped 27% in May compared to a year earlier, according to credit reporting bureau Equifax. From January and May, nearly 15 million new bank cards were issued — the highest level in three years.

The number of cards banks issued to subprime borrowers, meaning consumers with tarnished credit histories who present a greater credit risk, rose a whopping 65% during the first five months of the year, to 4.4 million cards. During the same period in 2009, the number of cards issued to these risky borrowers tumbled 63% year-over-year.”

Statistics Source: CNN Money

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