The Federal Reserve just released the quarterly Senior Loan Officer Survey on Bank Lending Practices. The findings? Banks are still scared to lend money but there are glimmers of hope.
Consumers and businesses alike have a tough time getting money. We're not even asking for loans as much as we used to - either because we've given up or we don't want to take on the risks that come with more debt.
The results of this survey might be described as "slightly less bad" than previous ones. At least it's not as bad as it was one year ago.
Banks also expect to tighten lending standards on credit card debt with new legislation in the pipeline. Lawmakers want to make it more difficult for banks to change terms on credit card loans, so banks plan to do any tightening before the laws go into effect.
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