Impact of Recession on Consumer Credit
November 9, 2009 by Admin · Leave a Comment
The US economy has started the long slow process of recovery and now many consumers are wondering what it all means for their future. The banks and financial institutions are in much better condition though it’s still not possible to say they are fully stable.
More bank failures are likely to happen in 2010 so consumers need to make sure they keep their money in FDIC insured banks. But a big question remains as to the condition of the credit industry. Will consumers be able to get things like auto loans, personal loans, equity loans and so on?
Pick up the newspaper on any day, and there’s sure to be an article about tight consumer credit markets. Members of the National Association for Business Economics reported it believes that financial markets will be weak and slow down the progress of economic recovery until well into 2011. In