Mon02182019

Robins Global News & Noticias



  • Featured Guest Post
    Featured Guest Post
  • Featured Guest Post
    Featured Guest Post
  • Featured Guest Post
    Featured Guest Post
  • 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

Massie sees Bears as Super Bowl contenders

Mon, 18 Feb 2019 08:42:00 GMT

“It meant the world to me to get it done because I didn’t want to leave Chicago,” Massie said on the Bears All-Access radio show on WSCR-AM 670 ... didn’t want to leave Chicago on that note (losing to ...

What Is the Difference Between PCI-Certified and Non-Certified Encryption?

Mon, 18 Feb 2019 07:04:00 GMT

The technical difference between certified and uncertified, the ones that we constantly see out there in the marketplace are (1) that the devices — the credit card terminal ... but in the latter part ...

Amazon dumped New York, but cities still wooing the company

Fri, 15 Feb 2019 14:45:00 GMT

FILE - This April 10, 2018, file photo shows part of the skyline in Newark ... (AP Photo/Seth Wenig, File) Photo Credit: AP The love notes came even though Amazon said it doesn't plan to pick a new ci...

5 Concrete Steps to Start 2019 on a Good Foot Financially

Fri, 15 Feb 2019 09:04:00 GMT

Money donated through Dec. 31, 2018 ... your credit cards. Paying off whatever debt you have.” One look at the numbers make sense. With average annual APR at 17.2%, credit card debt is one of the most ...

Satellites reveal a new view of Earth's water from space

Wed, 13 Feb 2019 06:49:00 GMT

are rapidly losing water. This NASA animation shows how SWOT will collect data over ocean and freshwater areas. Credit: NASA Space agencies are also designing new missions to cover parts of the ...

Related Bing Web Search

11 Best Rewards Credit Cards of 2019 | US News

(Thu, 14 Feb 2019 17:37:00 GMT)

Discover U.S. News' picks for the best rewards credit cards. Compare types of rewards credit cards and learn expert strategies to maximize your earnings.

Tesla customers will start losing a $7,500 tax credit in ...

(Thu, 12 Jul 2018 12:08:00 GMT)

Tesla has sold 200,000 electric vehicles in the US, Electrek first reported, which means its customers will start to lose access to a $7,500 tax credit. The credit will begin to phase out for ...

Kushner Resists Losing Access as Kelly Tackles Security ...

(Thu, 22 Feb 2018 14:04:00 GMT)

Jared Kushner, frustrated about the issue and concerned that Mr. Kelly has targeted him personally with the directive, has told colleagues that he is reluctant to give up his high-level access.

Teachers Credit Union - News - News

(Wed, 13 Feb 2019 22:39:00 GMT)

TCU Announces New Members to Board of Directors and Supervisory Committee. December 12, 2018 Teachers Credit Union has announced that business leader Jackie Morales has joined its Board of Directors and IT leader Adela Creasy is new to the TCU Supervisory Committee.

Best Credit Cards for Bad Credit of February 2019 ...

(Thu, 14 Feb 2019 05:06:00 GMT)

Credit Cards for Bad Credit. Have bad credit? Here are the top offers designed to help you rebuild your credit and improve your score. Make sure to pay on time and keep a low balance (relative to your credit limit) and this may improve your credit report each month.

The Best Ways To Prevent Credit Card Fraud [2019]

(Thu, 14 Feb 2019 20:58:00 GMT)

If you want to prevent credit card fraud, you need to know how credit card companies treat fraud, the procedures for dealing with it, and your rights & responsibilities regarding unauthorized charges. This guide also walks you through types of fraud, how to spot fraud when it happens, and much more...

CSECU Financial News | We are your ideal financial partner

(Thu, 14 Feb 2019 19:32:00 GMT)

The worst way to live out your post retirement era is having to depend on your relatives to take care of you, being forced to work while in your 60s or being

Armstrong Associates Federal Credit Union

(Thu, 14 Feb 2019 23:50:00 GMT)

AAFCU Is Armstrong County’s Community Credit Union! Locations in Ford City & West Hills. Welcome all who live, work, worship, attend school, or volunteer in Armstrong County!

Demi Moore’s Credit Card Stolen, Suspect Spends $169,000!

(Tue, 10 Jul 2018 23:59:00 GMT)

Demi Moore has fallen victim to credit card fraud. According to a criminal document obtained by Us Weekly, a man named David Matthew Read allegedly used 55-year-old Moore’s American Express card ...

Boston News - Boston Business Journal

(Thu, 14 Feb 2019 20:29:00 GMT)

The Boston Business Journal features local business news about Boston. We also provide tools to help business' grow, network and hire.

Related News Story Videos From Youtube

WRECK-IT RALPH 2 Baby Moana Easter Egg Scene (2018) Movie Clip


Related Videos On: WRECK-IT RALPH 2 Baby Moana Easter Egg Scene (2018) Movie Clip


Miles sings Post Malone Scene - SPIDER-MAN: INTO THE SPIDER-VERSE (2018) Movie Clip


Related Videos On: Miles sings Post Malone Scene - SPIDER-MAN: INTO THE SPIDER-VERSE (2018) Movie Clip


Full UFC 229 press conference: Conor McGregor v Khabib Nurmagomedov


Related Videos On: Full UFC 229 press conference: Conor McGregor v Khabib Nurmagomedov


Steve Kerr explains play that led to ejection


Related Videos On: Steve Kerr explains play that led to ejection


#REPORTERS - The Frenchmen who fish in the English Channel "There's no border at sea"


Related Videos On: #REPORTERS - The Frenchmen who fish in the English Channel "There's no border at sea"






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.
ROBINSPOST Is Proudly Made In America.
Where Quality, Safety and Service Comes First.