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Millennials have helped take credit-card popularity back to full throttle. Banks are getting nervous and starting to crack down.

Millennials have helped take credit-card popularity back to full throttle. Banks are getting nervous and starting to crack down.
Harrison Jacobs/Business Insider



America's credit-card party has roared back to full throttle, thanks in part to young borrowers.




Credit cards, long the most popular form of consumer credit, declined after the financial crisis, especially among people in their 20s.




That trend reversed in recent years as banks loosened up lending standards and rolled out travel rewards cards that lured millennials back into the fold.




Credit-card debt has hit record highs and delinquencies have notched higher in recent years.




These developments late in the economic cycle have made some card issuers nervous, and they've been getting stricter about who they'll let open an account.




Visit Business Insider's homepage for more stories.



Credit cards have made a comeback in the United States, thanks to millennials.
Plastic credit has long been popular in the US, at least in terms of its ubiquity. But usage plummeted after the crisis in 2008, when banks reeled in their credit lines and more strictly policed to whom they'd hand out cards and lawmakers issued a litany of changes to the industry to weed out predatory credit-card lending practices.
Millennials have helped take credit-card popularity back to full throttle. Banks are getting nervous and starting to crack down.
Federal Reserve Bank of New York
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