Fed Survey Says Obtaining Loans and Credit Is Getting Easier
Delinquencies Expected to Decrease in 2011
In addition to feeling comfortable with loosening their credit standards, the survey found lenders also anticipate continued improvements in delinquencies and charge-offs in every loan category during 2011.
Consumers have been much better about paying off their loans and credit cards, something that has made all types of default reduce. They’re expected to continue on this track.
Lenders acknowledged that a large determinant in how well borrowers will be able to manage their debt depends on whether they’re employed, which is why banks in the survey noted they expect improvements, assuming that nationwide economic activity continues at a gradual pace that falls in line with consensus forecasts.
The good news is on the whole, banks expect economic and delinquency improvements this year, which means they will be willing to ease their standards for borrowers–a definite win-win for everyone involved.
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