As credit card use continues to increase, more Americans are using digital channels to obtain their cards, the CFPB reported this week.
The use of direct mail has stagnated, while more consumers are applying for cards through digital advertising or third-party credit card comparison sites, the agency said in a state of the credit card industry report.
And more consumers are using their mobile devices to apply for credit, the agency said.
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The agency said that credit card use among Americans continues to increase post-recession.
"The market has grown in size, in the number of its offerings and participants, and in the scope and features of its products," the agency said.
In its report, the CFPB said:
- The total amount of credit line, used or unused on cards is still below pre-recession levels, but has steadily increased. Americans had more than $4 trillion in their credit lines, as of mid-2017. That is still below the mid-2008 figure of $4.4 trillion.
- New credit card originations remain below the pre-recession figure, but have increased about 50% since 2010.
- Average credit card debt increased 9% during the past two years.
- More than 60% of active credit card accounts are enrolled in online services.
- About 169 million consumers had at least one credit card as of mid-2017.
- For mass market issuers, the number of new secured cards was 7% higher in 2016 than in 2015.
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