New York Fed survey shows U.S. consumers' access to credit improves

Source: Xinhua| 2017-11-21 10:45:37|Editor: pengying
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WASHINGTON, Nov. 20 (Xinhua) -- U.S. consumers continued to see their access to credit improves in October, and their financial fragility also improved in the same period, a survey report released by the New York Federal Reserve Bank on Monday.

The survey found respondents who were too discouraged to apply for credit over the past 12 months decreased to 4.9 percent in October.Maintaining a downward trend, this is the lowest level since the start of the survey in October 2013.

The survey also showed that the financial fragility of U.S. households improved. While the average probability of needing 2,000 U.S. dollars for an unexpected expense in the next month increased from 32 percent in June to 33 percent in October, the average probability of being able to come up with the funds also rose from 67 percent in June to 70 percent in October, the highest since October 2015.

The survey, conducted every four months, provides information on consumers' experiences and expectations regarding credit demand and credit access, said the bank.