The amount of debt consumers in the United States are carrying increased during the second quarter, according to a recent report from TransUnion.
The Associated Press reports that while the rate still remains at an 18-year low, the total debt per person increased 6 percent compared to the same time last year. In addition, the study found that the percentage of payments 90 days or later increased from 0.60 percent during last year’s second quarter to 0.63.
In an interview with the source, Ezra Becker, vice president at TransUnion’s financial services business unit, said that credit card firms were targeting as many people as they could. This includes so-called “non-prime” customers, with lower credit scores.
“The credit pie is bigger and non-prime consumers are getting a bigger slice of that pie,” she said in an interview with the news source.
Another way financial firms are hoping to expand customer bases is through mobile credit card terminals. Major brands including the Home Depot have begun using near field communication technology, allowing users to pay using phones.Back To Blog