ATLANTA, Aug. 28, 2014 (GLOBE NEWSWIRE) -- According to the latest Equifax (NYSE:EFX) National Consumer Credit Trends Report, the total amount of new non-mortgage, non-student loan credit originated year-to-date in May is $365 billion, a six-year high and an increase of more than 11% from same time a year ago. New credit originations in these categories include auto, bank- and retail-issued credit cards and consumer finance loans (which are unsecured loans used for a variety of purposes).
By vertical, new credit with year-over-year increases include:
"The rebuilding of America's credit continues," said Amy Cutts, Chief Economist at Equifax. "The latest data shows broad based increases in both the total number and total dollars of new loans originated. This reflects the steady improvement in the economy, but at the same time also shows how fickle consumer demand for new credit is this late into the recovery. We're only now exceeding previous highs in the auto lending sector while balances on credit cards remain well-below pre-recession highs despite rapidly increasing interest in new cards."
Other highlights from the most recent Equifax data include:
Auto Loans:
Bank-issued credit card
Retail-issued Credit Card:
About Equifax, Inc.
Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 600 million consumers and 81 million businesses worldwide. The company's significant investments in differentiated data, its expertise in advanced analytics to explore and develop new multi-source data solutions, and its leading-edge proprietary technology enable it to create and deliver unparalleled customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 19 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. In 2013, Equifax was named a Bloomberg BusinessWeek Top 50 company, was #3 in Fortune's Most Admired list in its category, and was named to InfoWeek 500 as well as the FinTech 100. For more information, please visit www.equifax.com.