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.

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Source: https://www.newyorkfed.org/microeconomics/sce/credit-access#/financial-fragility1

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.
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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.
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Increased Financial Fragility:

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

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