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Lending Briefing: Gen Z is expanding the credit market

  • The US credit card market continues to grow: the number of credit cards topped 500 million for the first time ever at the end of Q2 2022.
  • Younger generations are behind the increase, experts say, as more Gen Zers start their credit journeys.
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Lending Briefing: Gen Z is expanding the credit market

The US credit card market continues to grow, with more indicators showing that younger generations are behind this increase as they begin their credit journey.  

The number of credit cards topped 500 million for the first time ever at the end of Q2 2022, up from approximately 465 million in Q2 2021, according to TransUnion‘s quarterly credit study. Overall, credit card originations increased 26% in the last year. 

Gen Z has been fueling this increase, with originations attributed to this generation up 32% between Q1 2021 and Q1 2022 (originations have a one-quarter lag in reporting). 

“We see lenders offering more access to credit to non-prime consumers, some of whom are new to credit. This is a welcome development as more consumers have gained access to credit during a time when high inflation has placed a greater burden on their wallets,” said Michele Raneri, vice president of U.S. research and consulting at TransUnion. 


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