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US Consumers Report Difficulty Obtaining Credit

Date Published:
Author: CML News


US consumers are finding it increasingly difficult to obtain credit, according to a survey conducted by the Federal Reserve Bank of New York, with a rise in the number of respondents reporting that access to credit has become more challenging.



  • Perceptions of credit access and availability among US consumers declined in March
  • The share of respondents reporting it's harder to obtain credit than one year ago climbed to the highest since 2013
  • The collapse of Silicon Valley Bank has led to fears of a credit crisis and a potential further tightening of credit standards
  • Year-ahead inflation expectations increased for the first time since October, with near-term inflation expectations seeing the largest jump since March 2022
  • Consumers' uncertainty about future inflation outcomes also increased for the one-year horizon
  • Longer-term inflation expectations decreased when looking three and five years out
  • The mean perceived probability of losing a job declined, and fewer people anticipated they would leave their job.

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