"They wanted their share of the consumer spending rebound," Rossman said.Ĭontact Susan Tompor v ia Follow her on Twitter tompor. "Card issuers were very worried their existing customers wouldn’t pay them back, given the sudden spike in unemployment and the widespread disruptions to business and society, and they had very little appetite to take on new customers," he said.īut the expected surges in delinquencies and defaults never materialized.įor much of last year, he said, card issuers were eager to grow their businesses once again. "Credit card marketers basically went into hiding in 2020 as the pandemic set in and risk and uncertainty reigned," said Ted Rossman senior industry analyst for. While the introduction of the new program will be attractive to loyal GM buyers, there are plenty of offers on the market now - unlike at the start of the pandemic two years ago. The environment remains competitive for most consumers. But people with lower credit scores can be paying an average of around 24%. The average credit card rate is 16.13%, according to. Know the interest rate that you're paying for any credit card, as everyone isn't paying the same rate.
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