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Yahoo finance news feed only12/12/2023 ![]() ![]() ![]() Additional functionality includes scraping income statements, balance sheets, cash flows, holder information, and analyst data. ![]() However, the proportion of respondents reporting that they are likely to apply for one or more types of credit over the next twelve months rose to 26.4% from 26.1% in February.Yahoo_fin is a Python 3 package designed to scrape historical stock price data, as well as to provide current information on market caps, dividend yields, and which stocks comprise the major exchanges. ![]() What are consumers doing?Īs interest rates rose, overall credit applications fell over the past 12 months to 40.3%, the lowest since October 2020 and down from 40.9% in February, the survey showed. Rejection rates for credit cards, credit card limit increase requests, mortgages, and mortgage refinance applications rose to 21.5%, 30.7%, 13.2%, and 20.8%, respectively, the Fed said. “Consumers are already under pressure, and even worse off now because banks are reducing their lending.” “It’s risk aversion mode for banks,” said Alex Liegl, chief executive at Tenet, which provides electric vehicle financing, referring to the trend over the past year of banks cutting back or exiting auto lending completely. The rejection rate for auto loans rose to 14.2% from 9.1% in February to the highest level since this data was first collected in 2013 and for the first time, exceeded the application rate. What types of loans are seeing the most rejections? Many Americans say they're still struggling. "We are closely monitoring our portfolios and taking credit-tightening actions where we believe appropriate." “Our net charge-offs continue to slowly increase from historical lows, and our allowance for credit losses increased," said Mike Santomassimo, Wells Fargo CFO, in an earnings conference call last week. lenders wrote off a combined $3.4 billion in bad consumer loans in the first three months of 2023, a 73% increase from a year earlier, according to Bloomberg. Delinquency rates in credit cards and other retail lines are rising and expected to rise further before leveling off to "normal levels." said Citigroup Chief Financial Officer Mark Mason said on a conference call last week. Major banks like JP Morgan Chase, Citigroup, Wells Fargo and now, Bank of America, reported they were setting aside more money to cover bad consumer loans as credit card balances rise. The report underscores the caution financial institutions are taking amid one of the most aggressive Fed rate hiking cycles in history and a potential recession. The highest credit score is 850 and the lowest is 350. The latest increase was broad-based across age groups and was highest among those with credit scores below 680, it said. The survey is released every four months with data collected during February, June, and October. The rejection rate for people applying for credit jumped to 21.8% in June, up from 17.3% in February and the highest level in five years, according to a Federal Reserve survey on Monday. Just as Americans may be looking for a loan to stay afloat, it may be harder to get one. Watch Video: 4 out of 5 parents help their adult children financially, survey says ![]()
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