“Rejection rates for credit-card applicants came in at 20.8% in the October survey, up from 14.4% a year ago, while the rejection rate for credit-limit increases ticked up to 31.7%, compared with 24.9% a year ago.
Meanwhile, the proportion of respondents who had an account shut down by a lender reached its highest level since the Fed launched the “Credit Access Survey” in 2013. In October, 7.2% of surveyed consumers reported having an account involuntarily shut down in the previous 12 months, up from 5.7% last year and 4.2% in 2016.
Most of these account shutdowns are credit cards or retail-store cards…
… Credit-card delinquency rates began to climb sharply toward the end of 2016, a trend that hasn’t reversed in 2018, according to Fed data… “
America has a debt problem. To many people are addicted living beyond their means.