Posted on October - 19 - 2010
Fed says lending conditions, credit improved slightly
Lending activity held steady or crept up slightly at low levels while credit quality improved incrementally between September and October 8, according to the central bank’s Beige Book. The Richmond and Dallas Districts reported marked increases in lending activity, but overall across the country there was little improvement. Meanwhile, Chicago said it saw its credit conditions improve, and other areas saw some increased pressure to price loans more aggressively.
However, lending to consumers remained a bit sluggish, despite some reports of improvement, the Fed said. The Cleveland and Dallas Districts reported increased demand for auto loans, while several others saw residential mortgage lending and refinances increase.
These slight improvements led to little change in nationwide credit quality, the Beige Book noted. New York reported a lower delinquency rate on consumer loans, and the overall quality of credit improved in both the Philadelphia and Richmond Districts. However, there was little change observed elsewhere.
Many consumers across the country have been able to increase their own credit ratings in recent months by paying more into the loans they currently owe while simultaneously reducing their reliance on credit cards.
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