All articles tagged with #credit access
The August 2025 survey from the Federal Reserve Bank of New York shows a slight increase in short-term inflation expectations, worsening job and unemployment outlooks, and a decline in job finding prospects, while household income growth remains stable and credit perceptions fluctuate.
The Federal Reserve Bank of New York's January 2024 Survey of Consumer Expectations reveals improved perceptions and expectations of financial conditions and credit availability among households, with unchanged inflation expectations, mixed labor market expectations, and increased optimism about future credit access. Median expected household income growth and perceptions of credit access have increased, while the mean perceived probability of job loss has decreased. The survey also indicates improved perceptions about households' current financial situations and expectations for the future.
American consumers are increasingly concerned about their ability to access credit, with nearly 60% of respondents indicating that it is harder now than a year ago, according to a New York Federal Reserve survey. This comes as interest rates have risen and banks have tightened lending standards. The survey also revealed mixed expectations for inflation, with respondents anticipating higher prices for gas, medical care, food, college education, and rent. Additionally, worries about job security have increased, despite a relatively low unemployment rate.
According to a report from the New York Fed, Americans are facing increasing difficulties in obtaining loans, with credit being the hardest to access in years. The overall rejection rate for credit applicants rose to its highest level since June 2018, with the highest rejection rates observed among those with credit scores below 680. Rejection rates for auto loans, credit cards, credit limit increases, mortgages, and mortgage refinancing have also increased. The survey found a modest decrease in loan seekers, but respondents planning to apply for credit in the next year slightly increased. The tightening of credit access comes as the Federal Reserve has aggressively raised interest rates to combat inflation, with expectations of further rate hikes.
US small business confidence fell to a more than 10-year low in April due to concerns about the near-term economic outlook and persistent worker shortages, according to the National Federation of Independent Business. However, there were few signs that businesses were having difficulties accessing credit. The share of owners expecting better business conditions over the next six months fell two points to a net negative 49%. A net negative 19% expected higher inflation-adjusted sales, down four points from March.
US consumers are feeling that credit is becoming harder to obtain, according to a survey by the Federal Reserve Bank of New York. The survey also found that inflation expectations for the year ahead increased, while longer-term expectations decreased. Consumers' expectations of higher unemployment also increased, but fewer people anticipated they would leave their job.
The New York Federal Reserve's Survey of Consumer Expectations for March showed that consumers are becoming more pessimistic about their access to credit and inflation expectations. Respondents expect prices to rise by half a percentage point in the year ahead, equating to a 4.7% annual gain, the first time the near-term outlook increased since October. Consumers also reported that credit is much or somewhat harder to get than a year ago, with 58.2% reporting this, the highest ever in a data series that goes back to June 2013.