Are Americans giving themselves too much credit?
Americans are more confident about their ability to take out credit than they were a year ago, according to the latest Survey of Consumer Expectations from the New York Federal Reserve. The percentage of people who found it easier to access credit this year compared to last increased by 6%. Perceived access to credit is important for banks because it could mean that fewer people apply for loans and credit cards, thinking they will be denied.
A question mark over China’s economic growth However, taking out too much debt can leave people strapped for cash, especially if the U.S. is hit by a recession in the coming year. Some argue that the U.S. economy still isn’t firing on all cylinders, citing a reduction in business spending.
One factor that could be driving that confidence: Americans’ record high credit scores. Average credit scores of Americans are at an all-time high of 703. The low-interest-rate environment may be another reason why consumers’ perceived access to credit improved this year. As borrowing money has become cheaper, consumers may have noticed that banks seem more willing to extend credit to borrowers as they seek to maintain their bottom lines.
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