Mon07222019

Robins Global News & Noticias



  • Gaming Chair Review
    Gaming Chair Review
  • Data Recovery Review
    Data Recovery Review
  • Online Video Editors
    Online Video Editors
  • Download TV Series
    Download TV Series
  • All Elite Wrestling
    All Elite Wrestling
  • Trump Pence News
    Trump Pence News
  • Weather Alerts
    Weather Alerts

RobinsPost News Network

+ Larger Font | + Smaller Font

Consumer Daily Reports

Consumer News: Consumers losing access to credit in 2018

PhotoIf you were recently rejected when you applied for a credit card this year, you have plenty of company.

A report from the Federal Reserve Bank of New York shows consumers have had less access to credit in 2018. While the rejection of credit applications is up, the number of consumers applying for credit is down.

Fed data also reveals another disturbing credit fact -- credit card delinquencies are sharply higher.

The Fed's Credit Access Survey shows a drop in applications for credit over the previous twelve months and an increase in rejection rates in 2018, compared to 2017. Mortgage applications are also down, perhaps not a surprise considering the recent rise in interest rates.

Rejections are up

The most troubling aspect of the report is that more consumers were rejected when they applied for credit cards this year. The researchers say rejection rates are also up on applications to refinance mortgages.

Another indicator that consumers now have access to less credit is a sharp rise in the number of people who say a lender unilaterally closed one of their credit accounts -- in most cases a credit card or a store charge card.

In October, 7.2 percent of consumers in the survey reported that had happened to them, compared with 5.7 percent in October 2017 and 4.2 percent in October 2016. The Fed says this year's figure is the highest rate reported since the start of its survey in 2013.

Deeper in debt

Meanwhile, the Fed reports U.S. households went deeper into debt in the third quarter of this year, the 17th consecutive quarter the debt burden has increased. Total debt balances rose to $13.51 trillion, up 20 percent from the low reached in 2013.

As the Fed has tightened the federal funds interest rate, the average rate on credit cards has risen to a record high. At the same time, the delinquency rate on credit cards started rising at about the same time and hasn't subsided, even though the unemployment rate is near a record low and the economy is growing at a healthy clip. The Fed calls that "potentially troubling."

The Fed's report found the delinquency rate was highest among the youngest consumers and gradually declined among older consumers.



Posted: 2018-12-06 15:00:20

Get Full News Story On Consumer Affairs


Listen to this article. Speaker link opens in a new window.
Text To Speech BETA Test Version.


Print Friendly and PDF Share Embed


Related News Stories From The Web And More

Related Bing News

Consumer News: Consumers losing access to credit in 2018 | Consumer Daily Reports | RobinsPost News Network - Newscast

Fears over Alaska's shrinking glaciers fuels tourism boom

Sun, 21 Jul 2019 10:45:00 GMT

Climate scientists have warned that Alaska's glaciers are uniquely vulnerable to the warmer summer seasons and are losing mass at an ... deterioration and lost walk-on access to some glaciers at the ...

China’s social credit system will not lead to citizens losing access to public services, Beijing says

Fri, 19 Jul 2019 05:21:00 GMT

China’s controversial social credit system will not result in individuals or companies losing access to public services ... of the social credit system rose after an action plan from 2018 to 2020 was ...

'Without strong broadband, rural communities will be left behind': Minnesotans tell Congress

Thu, 11 Jul 2019 14:07:00 GMT

The comments came as the U.S. House Subcommittee on Commodity Exchanges, Energy and Credit ... have access to the internet speeds the state hopes to connect statewide in the next two years, the ...

Embraer posts 2018 net loss, Boeing deals may slip to end of year

Thu, 14 Mar 2019 13:34:00 GMT

“We view these results as modestly negative,” Credit Suisse ... "Embraer posts 2018 net loss, Boeing deals may slip to end of year" is part of ATW Plus, our online premium membership. Subscribing will ...

Consumers losing access to credit in 2018

Tue, 05 Mar 2019 20:53:00 GMT

If you were recently rejected when you applied for a credit card this year, you have plenty of company. A report from the Federal Reserve Bank of New York shows consumers have had less access to ...

Related Twitter Search

  • No items found
  • Related News Story Videos From Youtube

    "Pay off Debt - Your Birth Certificate is Worth Millions" - Busting Myths


    Related Videos On: "Pay off Debt - Your Birth Certificate is Worth Millions" - Busting Myths


    Manny Pacquiao vs Keith Thurman - A CLOSER LOOK


    Related Videos On: Manny Pacquiao vs Keith Thurman - A CLOSER LOOK


    If You Get a Winning Message, Your Phone Might Be In Danger!


    Related Videos On: If You Get a Winning Message, Your Phone Might Be In Danger!


    How hackers could use smart home devices to spy on you (Marketplace)


    Related Videos On: How hackers could use smart home devices to spy on you (Marketplace)


    NFL’s investigation didn’t find evidence against Tyreek Hill – Adam Schefter | SportsCenter


    Related Videos On: NFL’s investigation didn’t find evidence against Tyreek Hill – Adam Schefter | SportsCenter






    Blow Us A Whistle

    Comments (Whistles) Designed By Disqus




    Company Information

    Official Content Providers











    PRIVACY POLICY

    We recommend Firefox 3 (and above), Edge, and Chrome for dynamic performance.
    © 2008-2019 RobinsPost (The Bird's Eye View Company) All rights are reserved.
    RobinsPost provides links to news sites based on their RSS feeds.
    All trademarks, copyrights, videos, photos and logos are owned by news sources.
    News stories, videos and live streams are from trusted sources:
    Bing News, Google News, Faroo News, NewsApi.org and YouTube Search Results.
    ROBINSPOST Is Proudly Made In America.
    Where Quality, Safety and Service Comes First.