The U.S. economy’s problems could make it harder for you to get a credit card, according to one chief economist.
If you recently applied for a new credit card, you may have found the bank was more likely to grant your request. And you weren’t the only one: A recent pair of reports from the Federal Reserve showed that consumers opened 10 million more credit card accounts in the second quarter of this year (April to June) as banks became more willing to approve borrowers for new credit.
But even if you’re celebrating now, don’t expect the party to last.
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