It’s not just weaker underwriting and higher household debt levels that are driving past-due rates to their highest levels in seven years.

The post-recession boom in auto loans and credit cards for borrowers with marred credit histories has been winding down in recent months.

David Nelms said that many digital lenders do not understand how to underwrite personal loans properly, and he took a dig at their lack of profitability. The upstarts say their industry's ability to attract capital speaks for itself.

The milestone marks the end of a seven-year-long recovery in the credit card market that followed the Great Recession.

Merchants have been challenging surcharge bans in numerous states on free-speech grounds. They have the wind at their backs following another court victory on Wednesday.

Both in dollar and transaction volume, credit card use is growing at a faster pace than debit use. Much of the growth is coming from affluent consumers who value rewards like 2% cash back on purchases.

American Express will become the exclusive issuer of Hilton Honors cobranded credit cards in January, taking over the entire portfolio it previously shared with Citigroup.

As more loans go bad across the credit card industry, the Riverwoods, Ill.-based company boosted its provision for loan losses by 51%.

Deserve is offering unsecured cards to young adults who do not have traditional credit scores. The Silicon Valley startup uses a proprietary algorithm that analyzes bank account activity to evaluate the likelihood that borrowers will repay.

Auto, personal and credit card originations have fallen as delinquencies have risen, but researchers called the slowdown a temporary rebalancing by lenders.