Credit Crunch Fears Surge as Households Reporting Difficulty Getting Loans Hit Record High

Credit Crunch Fears Surge as Households Reporting Difficulty Getting Loans Hit Record High
Credit cards as seen in Orlando, Fla., on July 1, 2021. The Canadian Press/AP/John Raoux
Andrew Moran
Updated:
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New data suggest a credit crunch may be forming in the U.S. economy one month after Silicon Valley Bank and Signature Bank failed. The percentage of households reporting difficulty obtaining credit climbed to a record high, a New York Federal Reserve survey found.

The outlook for credit access deteriorated in March, as 58.2 percent of households expect it to be much–or somewhat–harder to obtain than a year ago, up from 55.7 percent in February, according to the regional central bank’s Survey of Consumer Expectations (SCE). This is the highest reading since the series started in June 2013.
Andrew Moran
Andrew Moran
Author
Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."
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