Reported 15 days ago
A recent Federal Reserve survey reveals that U.S. consumers faced increased challenges in accessing credit in 2024, with rejection rates for auto loans and mortgage refinancing reaching their highest levels in over a decade. The overall rejection rate rose to 21%, up from 20.1% in 2023 and significantly higher than pre-pandemic figures. Many borrowers, especially those with credit scores below 680, experienced even higher rejection rates. The survey indicated a decline in consumer optimism regarding future credit access.
Source: YAHOO