Buy Now Pay Later EXPLODES Higher. What’s the Reason?

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Federal Reserve Bank of New York, revealing a decade-high financial fragility among US households. The NY Fed's consumer expectations and credit access survey shows a concerning trend: only 65.8% of households feel confident they could handle an unexpected $2,000 expense, the lowest level since the survey began in 2013. This marks a significant drop from the 67.5% average in 2022, highlighting growing economic pressures. Our video explores the struggle of younger consumers, particularly those under 40, with approximately 58% expressing doubt in managing such an expense, a 10% decrease since 2020. The impact of the pandemic-era cost of living surge on consumer credit is evident, as more cardholders seek credit limit increases, with a notable jump to 17.8% this year compared to 11.2% in 2022. However, the chances of rejection have also risen. Discover how lenders are increasingly likely to turn down credit card, auto loan, and mortgage refinance applications, with about one-in-five credit card applications rejected in 2023. Uncover how higher interest rates are influencing borrowing behavior, especially among wealthier households with good credit ratings, leading to a decline in credit applications. Stay updated with the latest financial trends and understand how they affect everyday Americans. Subscribe to our channel for insightful analysis on the state of consumer finances, credit market dynamics, and economic challenges facing households in the US. #debt #ConsumerCredit #CreditCard #InterestRates #HouseholdFinances #USConsumers #Mortgage #delinquencies #USHouseholds

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