On March 18th, data from the New York Federal Reserve showed that an increasing number of American consumers stated that they are not seeking loans because they expect to be rejected in a tightening credit environment. The latest consumer expectations survey by the New York Federal Reserve shows that the proportion of “discouraged borrowers” who have borrowing needs but do not apply due to not expecting approval has risen to 8.5%. This is the highest level since the start of this study in 2013. The possibility of different forms of credit being rejected, from bank cards to guaranteed loans for buying houses and cars, is considered to be on the rise. About one-third of car loan applicants are expected to be rejected, the highest proportion since the start of the survey series, and nearly half of the respondents in the February survey stated that it will be more difficult to obtain credit in a year.
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