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American consumers are worried about access to credit amid persistently higher interest rates and tighter standards at banks, according to a New York Federal Reserve survey released Monday.
Respondents indicating that the ability to get loans, credit cards and mortgages is harder now than it was a year ago rose to nearly 60%, the highest level in a data series that goes back to June 2013. The results were part of the New York Fed’s Survey of Consumer Expectations for August.
Fears of credit access have been rising steadily since early 2022, around the same time that the Fed began raising interest rates. Since March of last year, the central…