Aug 30 - For the first time since December 2009, the number of open retail credit card accounts exceeded the 175 million mark this past July, according to Equifax's August National Consumer Credit Trends Report.
The latest data also shows that lending to subprime borrowers in May 2012 increased by nearly 14 percent over its recession low in 2010. Relaxed lending standards by lenders have resulted in the origination of some 13.8 million new retail card accounts year-to-date through May 2012, representing a 10 percent increase over January–May 2011 totals.
"The economic recovery is increasing both demand for new credit cards and the supply of credit," said Equifax Chief Economist Amy Crews Cutts. "However, while consumers are seeking new credit card accounts, they are not increasing their use of that newly available credit as fast. Utilization rates of card limits continue to fall, and, additionally, we are seeing increasing payment ratios at the same time."
Other highlights from the most recent data include:
About Equifax Inc.
Equifax is a global leader in consumer and commercial information solutions, providing businesses of all sizes and consumers with information they can trust. We organize and assimilate data on more than 500 million consumers and 81 million businesses worldwide, and use advanced analytics and proprietary technology to create and deliver customized insights that enrich both the performance of businesses and the lives of consumers. Headquartered in Atlanta, Equifax operates or has investments in 18 countries and is a member of Standard & Poor's 500 Index. Its common stock is traded on the New York Stock Exchange under the symbol EFX. For more information, please visit www.equifax.com.