11/20/2023 – 15:28
Demand for consumer credit fell in the US in 2023, according to new research on access to credit from the New York Federal Reserve (Fed). According to the report, published this Monday, the 20th, credit application rates have weakened and rejection rates for credit applications have increased throughout this year.
According to the New York Fed, the proportion of respondents who are likely to apply for credit in the next 12 months fell to 25.1% in October 2023, compared to 28.0% in October 2022. The results show that the decrease was driven mainly by those with credit scores between 680 and 760, and respondents aged 60 and over.
The survey also pointed to an increase in the financial fragility of American families, with the average probability of a family obtaining $2,000 for emergencies falling to 65.8%, compared to 67.5% in 2022. This reading is the lowest since the beginning of the series, in 2013.
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