Consumer credit is tougher than ever to come by.
The story is the same for credit cards, auto loans,
boat loans, and other forms of consumer credit.

Some 66.6% of lenders said they were tightening standards
on credit card borrowers. That was up from 32.4% just
a quarter earlier and the highest since the Fed began
collecting data in 1996.

67.4% are making it tougher to get other consumer loans,
up from 44.4% and another record.

74% of banks surveyed said they’re tightening standards
on prime mortgages, up from 62.3% in the second quarter
of 2008.

A net 84.4% said they were cracking down on nontraditional
financing, up from 75.6%. And a net 85.7% said they were
|tightening on subprime loans, up from 77.7% a quarter earlier.

These numbers are off the charts!

The previous record for the home mortgage category was 32.7%
in 1991. So in plain English, you have more than twice
as many banks tightening standards now than EVER before.

This is the worst financial crisis since the Great Depression.
Real estate prices are still plunging.

What’s the average home owner to do?
Pay off your mortgages early using Mortgage Reduction!

To find out how, go to:
http://www.mortgagereductionebook.com

This entry was posted on Saturday, August 16th, 2008 at 8:42 pm and is filed under Credit Card Debt, Mortgages. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.