Equifax Reports New Credit in 2013 at Five-Year High
ATLANTA, May 20, 2013 (GLOBE NEWSWIRE) -- According to Equifax's (NYSE:EFX) latest National Consumer Credit Trends Report, new credit generated during January-February 2013 posted at $141 billion, the highest balance for that time period in five-years, and an increase of more than 33% over recession lows of $94 billion originated during January-February 2010.
Year-over-year, new credit balance changes year-to-date in February 2012 versus February 2013:
• Student loans: increased nearly 27% (from $9.2 billion to $11.7 billion)
• Home Equity lines of credit: increased nearly 16% (from $10.7 billion to $12.4 billion)
• Auto loans: increased more than 13% (from $61.5 billion to $69.6 billion)
"The rise in auto loans is reflecting the strong demand for new cars and light trucks, which increased almost 9% over the same time a year ago," said Equifax Chief Economist Amy Crews Cutts. "On a year-to-date basis through February, auto loan origination activity this year is the strongest it has been for banks since Equifax began tracking this information in 2006, totaling $35.6 billion, and the second strongest showing for non-bank auto financing companies at $34 billion. Consumers are tired of their old, patched-up cars and demand is really starting to pick up. At the same time, there is a slight increase in the willingness of lenders to finance car purchases for consumers with less than perfect credit."