A credit crunch could be coming. Here's what that could mean for getting a loan

A credit crunch might be on its way.

Signs of banks tightening credit have already popped up in recent months as the Federal Reserve has hiked interest rates to the highest level in more than a decade to combat high inflation.

Higher interest rates mean the economy is more likely to slow, unemployment rates to tick up and borrower delinquencies and defaults to rise. In other words, a recession is more likely.

https://www.startribune.com/a-credit-crunch-could-be-coming-heres-what-that-could-mean-for-getting-a-loan/600266814/