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Home > News > International News > The bank credit card loans huge increase concern

The bank credit card loans huge increase concern

The bank credit card loans huge increase concern

2016-08-02 15:04:21

The bank credit card loans huge increase concern

US banks have ramped up lending to consumersthrough credit cards and overdrafts at the fastestpace since 2007, triggering concerns that they are taking on too much risk in a slowing economy.

The industry has piled on about $18bn of card loans and other types of revolving credit withinjust three months, as consumers borrow more and banks battle for customers with air miles,cashback deals and other offers.

The surge in lending has come as economists expect the US election to create sufficientuncertainty to impede growth for the rest of the year, increasing the stakes for lenders at atime when the credit cycle appears to have passed a peak.

Recently disclosed second-quarter results showed that credit card loans increased 10 per centyear-on-year at Wells Fargo,12 per cent at Citigroup and 16 per cent at US Bank, according toDeutsche Bank research. Expansion was an especially aggressive 26 per cent at SunTrust, the$200bn Atlanta-based lender.

Across the US banking industry, credit card and other revolving loans rose at a seasonallyadjusted annual rate of 7.6 per cent in the second quarter to $685bn, according to Federal Reserve data.

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Brenda Chen (overseas sales manger)
Chengli Special Automobile Co., Ltd.
ADD: South Suburb ChengLi Automobile Industry Park, SuiZhou City,Hu Bei Province, China.
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