We're Ignorant About How Credit Works, Even as We Borrow More

April 7, 2015 2:01 PM

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We're Ignorant About How Credit Works, Even as We Borrow More

According to a recent survey from the New York Fed, Americans today feel pretty good about their ability to get credit. The percentage of people applying for credit cards ticked up over the last quarter, and it’s up about three percentage points since October 2013, while the percentages of rejected credit card applications and involuntary account closures have fallen. The percentage of people rejected when they ask for a credit limit increase has fallen even more sharply; as of last quarter, more than 75% of people who asked for increases got them.

And we think the good times are going to keep rolling. The same Fed survey found that more people expect to ask for credit limit increases — and get them — over the next 12 months. Abut 12% of survey respondents expect to apply for credit cards in the next year, a jump of about four percentage point...

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