NY Fed credit survey shows consumers are strapped
Study finds more people are having applications rejected and expect loans to be harder to secure
An increased rate of rejections among people looking to borrow points to a further tightening in credit conditions, according to a study by the Federal Reserve Bank of New York.
The bank’s February survey of consumer expectations for credit access says the average rejection rate for remortgaging applications jumped to 41.8%, compared with 26.7% a year earlier.
The survey also finds that the average likelihood that a respondent could come up with $2,000 if an unexpected need arose within the next
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