Robins Global News & Noticias

  • Gaming Chair Review
    Gaming Chair Review
  • Writing Service Review
    Writing Service Review
  • Youtube Marketing Guide
    Youtube Marketing Guide
  • Slot Game Review
    Slot Game Review
  • Download TV Series
    Download TV Series
  • All Elite Wrestling
    All Elite Wrestling

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

With Ford Now Junk-Rated, The Company Has More Issues

Wed, 11 Sep 2019 10:01:00 GMT

The stock traded down just 4% following the news ... under existing credit lines. This is one thing that Ford has going for it. It’s massive size gives it access to a significant amount of ...

Hong Kong Gets Credit in Czech Tycoon’s IPO

Thu, 05 Sep 2019 20:33:00 GMT

Yet if you leave aside bad timing, Home Credit’s move ... the Chinese vendor is losing orders in the country. PPF Group’s Czech phone companies are under pressure to avoid using Huawei to develop its ...

FEATURE -Vigilantes join forces to stop Kenyan families losing donkeys to China

Thu, 05 Sep 2019 04:31:00 GMT

Editing by Belinda Goldsmith Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's and LGBT+ rights, human trafficking ...

Sri Lanka risks losing debt market access if future government policy changes

Fri, 09 Aug 2019 05:47:00 GMT

COLOMBO (Reuters) - Sri Lanka could lose access to global debt markets if a new government ... Those measures contributed to pulling down the economic growth rate in 2018 to an 18-year low of 3.2%. A ...

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 ...

Related News Story Videos From Youtube

The Lost Card Bop – Lock and unlock your RBC credit card

Related Videos On: The Lost Card Bop – Lock and unlock your RBC credit card

Teejayx6 & Guapdad 4000 On The Rise of “Scam Rap” | Genius News

Related Videos On: Teejayx6 & Guapdad 4000 On The Rise of “Scam Rap” | Genius News

Canada Votes 2019: Election call special

Related Videos On: Canada Votes 2019: Election call special

Céline Dion - Ashes (from "Deadpool 2" Motion Picture Soundtrack)

Related Videos On: Céline Dion - Ashes (from "Deadpool 2" Motion Picture Soundtrack)

Powerful illustration of the scale of child deaths in conflict in 2018

Related Videos On: Powerful illustration of the scale of child deaths in conflict in 2018

Blow Us A Whistle

Comments (Whistles) Designed By Disqus

Company Information

Official Content Providers


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.