When your credit card bill hits your doorbell, here’s how to pay it off

Installment loans are becoming an increasingly common option for new homeowners, with more than $7 billion in credit cards issued in 2016, according to a report by credit reporting agency Experian.

The number of new loans issued has risen from less than 5% in 2014 to nearly 9% in 2016 and up to 16% in 2017, according a study by Experian last year.

Some lenders, such as Ally Bank and American Express, have taken a more cautious approach to the practice, though they do allow borrowers to pay off the loan in installments of at least $100,000.

They typically require a mortgage and a down payment.

The new lending landscape is driven by two factors: consumer demand for credit and the rising cost of credit.

The latter, particularly in urban areas, has fueled a surge in home-equity lending, according the Mortgage Bankers Association.