Post-Pandemic, Americans Are Looking to Borrow Again
July 7, 2021
During the pandemic, Americans largely shunned credit. Whether it was because of anxiety about the economy and their jobs or the stimulus money they received, Americans applied for fewer credit cards, personal loans, and auto loans. Now, with the crisis largely behind us, Americans are looking to borrow again.
Consumer demand for car loans and leases, consumer credit cards, and personal loans was up 39% in April as compared to a year before, according to Equifax. That also puts it 11% above April 2019, well before the pandemic.
Lenders also seem eager to meet the moment. According to Equifax data, in March, the latest month for which data is available, lends extended a record number of auto loans and leases. They have also increased the number of credit cards issued, originating more credit card loans that month than in any other March on record in data that goes back to 2010.