The proportion has doubled since last year. Amid constant advertising, more people have credit card balances and those balances are rising.

The New York Federal Reserve found that rejection rates for loan applications are higher than they were in 2023 for credit cards, auto loans, mortgages and refinances.

Consumer credit overall increased, while revolving debt — that’s mostly on credit cards — was down 1.2%, according to the Federal Reserve.

The amount includes money owed on things like credit cards, auto loans and student loans. Delinquencies are also rising.

Small business spending has been fairly slow recently, according to American Express. But credit card companies see a lot of potential in the market.

The credit bureau TransUnion is out with a report showing that borrowers aged 22 to 24 are carrying an average of $2,834 in credit card debt — about a quarter more than millennials in the same age range a decade ago.

Charge cards have become an important piece of the bottom line for department stores, including Nordstrom, Macy’s and Kohl’s.

Merchants paid $126 billion in credit card fees in 2022, up 20% from the year before. The pushback is playing out in lobbying campaigns and Congress.

There are only four such networks for credit cards, and building a new one can take decades.

Consumers often choose a familiar name, despite the costs. The CFPB’s findings come as credit card debt in the U.S. is rising.