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Fed Reports Credit Card Approval Dramatically Down From Pre-Pandemic Levels

A recent study by the federal Consumer Financial Protection Bureau (CFPB) has determined that the issuance of credit cards has declined significantly since the start of the COVID pandemic. According to the study, the success rate of credit card applications dropped from 45 percent in January 2020 – the start of the COVID pandemic – to approximately 30 percent a few months later.
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