Money Makers Mentor

N.Y Fed Survey: Credit Access and Demand Plunged in 2020

The Federal Reserve Bank of New York’s Center for Microeconomic Data released results on Dec. 21 from its latest Survey of Consumer Expectations (SCE) Credit Access Survey. This provides information on consumers’ experiences with, and expectations about, credit demand and credit access.

It is fielded every four months, while a report that summarizes trends from the past year is published annually. The most recent SCE Credit Access Survey was conducted in October.

The latest Credit Access Survey revealed the significant impact that the pandemic had on consumer markets. Most of the credit application and acceptance rates sharply fell after February. Additionally, application and acceptance rates for credit card and credit limit increase requests experienced the most significant declin…

Leave A Reply

Your email address will not be published.