The total limit of new credit for bank-issued credit cards leads origination growth in January 2014, followed by home equity revolving lines and auto lending, according to the latest Equifax national consumer credit trends report.
The study highlights that changes in the total balance of new credit originated January 2013-2014 comprised bank-issued credit cards rose 28.5% to $19.5bn, home equity revolving rose 18.4% ito $7.3bn, while new credit for bank-issued credit cards for auto rose by 19.8% to $34.3bn.
Equifax chief economist Amy Crews Cutts said, "Spring is here and consumers’ desire for credit appears to be rising alongside the mercury."
"Despite the relatively low numbers of new and used vehicles sold in January, auto originations were up nearly 20 percent from the same time last year.
"Credit card and Home Equity Revolving Lines of Credit originations were also up sharply over the previous year, further signaling that not only are consumers interested in credit, but that banks are more willing to offer it," Cutts added.
The report highlight that the total aggregate credit limit for bank cards in March 2014 is more than $2.5trn, a 55-month high.

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By GlobalDataThe total number of new cards issued in January 2014 stood at 3.7 million, a six-year high and an increase of 18.6% from same time a year ago.