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Growth In Access To Subprime Credit Cards

During the end of this year’s first quarter the credit card balance of consumers in Canada went up by 3.5 per cent from the first quarter in 2015, up to a balance of 20.4 million. Subprime mortgagors have specifically signed up for a large number of credit cards in the recent two years, with 14 per cent who have provided access to a credit card amongst the first quarter of 2015 and this year.

The subprime borrowers “serious delinquency rates” (which was defined by TransUnion as accounts that are outstanding by two months or more) went down in that same course of time by 9.4 per cent. Based on the credit information company, 2.5 million Canadian borrowers thought that subprime will now have the right to use credit cards.

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