Center for Microeconomic Data

Credit Cards Demand Persists Despite Overall Slowdown
The SCE Credit Access Survey for October showed that application rates for any kind of credit over the past twelve months declined slightly throughout 2022, with the average application rate standing at 44.8 percent, slightly below its 2021 level of 45.6 percent. While auto loan and mortgage application rates declined in 2022, the rate remained robust for credit cards, reaching 27.1 percent in October, from 26.5 percent in October 2021.  Application rates for mortgage refinancing plummeted during 2022, falling from 21.4 percent in October 2021 to 8.9 percent in October 2022. Looking ahead, the proportion of respondents who reported that they are likely to apply for at least one type of credit over the next twelve months fell from 28.9 percent in October 2021 to 28 percent in October 2022.

Editor’s Note: We are currently working through some technical issues with the interactive charts regarding the display of the dates along the x-axis; however, the date for each data point is visible by hovering over the chart.

For more details:
Press Release: Credit Cards Defy Slowdown in Broader Credit Demand and Access
Credit Access Infographic
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