Posted 3/11/2024, 9:53:13 PM
Banks Get Pickier With Loans as Some Borrowers Feel Pressure from Inflation
- Banks becoming more selective with lending to avoid increase in delinquencies, per VantageScore CEO
- VantageScore data shows overall consumer credit health is stable, but a separation occurring between tiers
- Banks competing more for superprime consumers, leading to higher costs and competition
- Implications for 2024 election that candidates must appeal to both higher and lower income consumers
- Sustained inflation and interest rates putting pressure on some lower income consumers