Survey of Consumer Expectations: U.S. households probability of being able to come up with $2,000 if an unexpected need arose within the next month falling to its lowest level since 2013.

Wut Mean?:

Overall Decline in Consumer Credit Demand (2023):

• General weakening in most credit application rates.
• Credit card limit increase applications rose.

Rejection Rates Trends:

• Overall rise in rejection rates for credit applications.
• Decline in rejection rates for credit card limit extensions and new mortgage applications.
• Higher creditworthiness among those applying for new mortgages in 2023.

Future Credit Application Expectations:

• Anticipated decrease in likelihood of applying for new credit cards, auto loans, mortgages, or mortgage refinances in the next 12 months.
• Significantly higher average perceived likelihood of future credit application rejections.

Increased Financial Fragility:

• Probability of being able to raise $2,000 for unexpected needs lowest since 2013.

READ MORE:

dismal-jellyfish.com/consumer-expectations-survey-rising-credit-rejection-rates/