Americans see growing risks of loan rejections

The perceived likelihood of being rejected increased across different forms of credit, from cards to secured loans to buy homes and cars. — Bloomberg

NEW YORK: A growing share of US consumers say they’re not seeking loans because they expect to be refused amid tight credit conditions, according to data from the Federal Reserve Bank of New York. 

The share of discouraged borrowers, defined as respondents who said they needed credit but didn’t apply because they didn’t expect to get approved, climbed to 8.5% in the New York Fed’s latest Survey of Consumer Expectations.