Millennials have helped take credit-card popularity back to full throttle. Banks are getting nervous and starting to crack down.
|05/17/2019||Posted by BusinessMediaguide.Com under General World News||
- America’s credit-card party has roared back to full throttle, thanks in part to young borrowers.
- Credit cards, long the most popular form of consumer credit, declined after the financial crisis, especially among people in their 20s.
- That trend reversed in recent years as banks loosened up lending standards and rolled out travel rewards cards that lured millennials back into the fold.
- Credit-card debt has hit record highs and delinquencies have notched higher in recent years.
- These developments late in the economic cycle have made some card issuers nervous, and they’ve been getting stricter about who they’ll let open an account.
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