No savings, cards maxed out so try a loan

Banks bad debts are rising and they are now becoming more picky:

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.


In somewhat related news, we had a record 68 families show up at the church food closet yesterday to get groceries. That is about twice what we used to consider the normal number. It is getting a bit overwhelming.