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2020 is beginning to be the year of good vibes: Americans are feeling better about the economy, builders are confident, and now even those who plan to take on debt are not sweating as much as they did last year. Bolstered by low rates, good credit scores, and better access to loans, Americans are feeling more confident about their ability to take out a loan than they were at the start of 2019. In fact, Americans’ financial satisfaction recently hit a 10-year high, according to an analysis by the American Institute of Certified Public Accountants. And though some financial experts say people may flinch at the new way to calculate credit scores that will start soon, they believe that low rates will continue to bolster borrowing.
Americans are more confident about their ability to take out credit than they were a year ago, according to the latest Survey of Consumer Expectations from the New York Federal Reserve.
A year ago, more consumers believed they would have a much harder time getting access to credit than they currently do in the upcoming year, according to the Fed’s consumer expectations survey. In January last year, nearly 6% of the 1,300 people surveyed indicated that they believed they would have a much harder time getting credit this year, and under 5% said they would have a much harder time getting credit in the upcoming year.
Additionally, the percentage of people who found it easier to access credit this year compared to last increased by 6%, the survey published on Monday shows. Peoples’ perceived access to credit is important for banks because it could mean that fewer people apply for loans and credit cards, thinking they will be denied.
