Overall Decline in Consumer Credit Demand (2023):
- General weakening in most credit application rates.
- Credit card limit increase applications rose.
Rejection Rates Trends:
- Overall rise in rejection rates for credit applications.
- Decline in rejection rates for credit card limit extensions and new mortgage applications.
- Higher creditworthiness among those applying for new mortgages in 2023.
See also $2.3 Trillion added to the US National Debt in less than 6 months since the debt ceiling was suspended in June.
Future Credit Application Expectations:
- Anticipated decrease in likelihood of applying for new credit cards, auto loans, mortgages, or mortgage refinances in the next 12 months.
- Significantly higher average perceived likelihood of future credit application rejections.
Increased Financial Fragility:
- Probability of being able to raise $2,000 for unexpected needs lowest since 2013.