Loans Are Harder to Get in the Deep South

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May 05, 2015

There’s a new geographic divide in how easily Americans can borrow money, The Washington Post reports.

Based on data collected by from the Federal Reserve Bank of New York, Midwesterners, especially those from Minnesota and the Dakotas, still have the pre-Recession healthy borrowing profiles most have always had. Other states see modest declines in the ability to borrow. But the Deep South, especially states along the Gulf Coast, has seen its already weak credit access drop significantly.

Senior Vice President of the New York Fed Kausar Hamdani says that if enough people in an area cannot borrow, the community itself becomes less resilient.

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