Wall Street’s biggest banks pull back on new credit cards as approvals drop 5% under Trump
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最新报道：Major banks including JPMorgan Chase, Capital One, and Discover are tightening credit card approvals amid rising delinquencies and economic uncertainty. Approval rates for new cards dropped to 2021 levels, with JPMorgan's approval rate falling from 21% to 18% in Q4 2023. The pullback comes as credit card debt hit a record $1.13 trillion in Q4 2023, with delinquency rates climbing to 3.1% - the highest since 2011. Analysts warn this cautious lending approach could impact consumer spending and economic growth, particularly affecting subprime borrowers. Banks are also reducing credit limits and closing inactive accounts to mitigate risk exposure.
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