Volume of credit cards finally back up near pre-recession levels
It took six years, but the volume of credit cards is
finally approaching pre-recession levels, according to an American Bankers
Association report issued in June. As of the fourth quarter of 2014, the total
number of open credit card accounts, and the volume of new cards being issued,
are both nearing the levels they were at the end of 2008, when the recession was roaring through the economy.
The recession, which officially began in December 2007, caused an upheaval in the credit card industry. Creditors reacted to the downturn by slashing credit limits and shutting down accounts for existing customers, and not issuing new cards to any but the most creditworthy customers.
Unlike 2008, however, far more cards are in the
hands of, or going to, people with top-tier credit. Although the number of cards given
out to people with subprime credit scores ramped up at the end of 2014, it remains well below
2008 levels.
The data comes from the June edition of the association's quarterly publication, the Credit Card Market Monitor.
See related: Applying for a credit card? Your odds of approval, More infographics
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
The editorial content on CreditCards.com is not sponsored by any bank or credit card issuer. The journalists in the editorial department are separate from the company's business operations. The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content. Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered.