Subprime Borrowers Surge to 47 Million as More Americans Fall into Lower Credit Tiers

1.2 million more Americans are now considered "subprime borrowers", bringing the total to over 47 million
Nearly 20% of all borrowers now fall into the subprime credit score tier of 300-600
The rise is attributed to more delinquencies across loans like auto, credit cards, mortgages due to high interest rates
As more fall into subprime category, the divide between prime and subprime borrowers is widening
Experts recommend steps like paying bills on time and reducing debt to improve credit scores