CFPB Releases Report on State of the Credit Card Market

December 27, 2017

On Wednesday, December 27, 2017, the CFPB released a biennial report on the state of the credit card market. The report states the total amount of credit line, number of accounts, average amount of card debt, and enrollment in online services have all increased steadily since the dip they took after the financial crisis of 2008. The report also found that cardholders average fewer credit cards than before the recession, and more people are signing up for secured cards that require a cash deposit. Other highlights from the report include:

  • While the total amount of credit line, used or unused, on cards remains below pre-crisis levels, it has steadily increased in the years since;
  • New credit card originations have increased by about 50 percent since 2010;
  • Average credit card depth increased nine percent over the past two years;
  • 60 percent of active credit card accounts are enrolled in online services;
  • Cardholders average fewer credit cards than before the recession; and
  • More customers sign up for secured cards requiring a cash deposit.