Posted 3/4/2024, 6:14:28 PM
Half of Americans Denied Loans Amid Soaring Rates and Tougher Lending
- Half of Americans denied at least one loan since Fed started hiking rates in March 2022, per Bankrate survey
- 17% of those denied were rejected from more than one loan; 80% said denial negatively impacted finances
- Average credit card APR now 20.75%; average 30-year mortgage rate 6.94%
- Millennials most likely age group to be denied at 60%; those earning under $40k had 56% denial rate
- Just 29% with excellent credit scores denied versus 73% with poor scores
