Federal Reserve Bank of New York

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Increasing Use of Credit Cards by Subprime Borrowers

The number of subprime borrowers who are obtaining a new credit card is growing at a significant rate. Roughly half of subprime borrowers—those with a credit score of 620 or less—now have a credit card compared to 60% in 2007, which means the number of credit card holders in this category is returning to pre-recession