We should note that the expansion of services in the field of credit is connected quite closely with the growth of banking and the liquidity risks of these financial institutions. In the USA, the percentage of problem loans is approximately 5.5% of the total. This makes lenders keep high average rate in consumer lending, despite the fact that high interest rates on loans frighten off potential customers because of the risk connected with the precarious situation of the USA Dollar on the world markets.
For three quarters of 2012 the total amount of credit portfolios of American banks grew by almost 1.2%. This suggests positive activity in the financial sector. Looking into the process a little deeper however, the growth of credit portfolios in 2012 is explained by activity of ordinary people, while legal entities did not show much interest. Experts link passive corporate clients to the unstable situation in the euro zone, which currently has no explicit positive impact on the American economy.
According to the Central Bank, growth in the sphere of credit services is expected to fall next year, based on the desire of both the government and financial institutions to bring as many legal entities to this area as possible, and as a result to reduce the amount of loans among the population due to more stringent requirements for providing this service.
The average rates for all types of loans in the last quarter of this year increased significantly; the average rate of consumer credit granted in cash without collateral is approximately 17 - 26% per year, in contrast to last year's 16 - 23%. For a similar service, but in currency, the annual rate increased as well, and it currently stands at about 22.5%. Rates in real estate lending and the purchase of cars have changed only slightly. However, this is only a temporary phenomenon. Bank managers treat customers who want to get a loan secured by real property with particular interest and care.
Mortgage loans are becoming less actual each month, which happens due to a negative trend in the real estate market (considering that it's real estate that is mostly pledged), which makes banking experts assess such collateral much lower than the minimum real market value.
The average term of a loan in the USA is three to five years.
The growth of annual interest rates for loans in American banks is explained by the fact that they receive loans from foreign banks, where rates on loans have greatly increased during the last six months. Activity of most European banks have been substantially limited by the current political and economic austerity policy. American banks are forced to raise interest rates until more attractive, cheaper offers appear on the market. Sadly, such offers aren't expected in the near future.
For three quarters of 2012 the total amount of credit portfolios of American banks grew by almost 1.2%. This suggests positive activity in the financial sector. Looking into the process a little deeper however, the growth of credit portfolios in 2012 is explained by activity of ordinary people, while legal entities did not show much interest. Experts link passive corporate clients to the unstable situation in the euro zone, which currently has no explicit positive impact on the American economy.
According to the Central Bank, growth in the sphere of credit services is expected to fall next year, based on the desire of both the government and financial institutions to bring as many legal entities to this area as possible, and as a result to reduce the amount of loans among the population due to more stringent requirements for providing this service.
The average rates for all types of loans in the last quarter of this year increased significantly; the average rate of consumer credit granted in cash without collateral is approximately 17 - 26% per year, in contrast to last year's 16 - 23%. For a similar service, but in currency, the annual rate increased as well, and it currently stands at about 22.5%. Rates in real estate lending and the purchase of cars have changed only slightly. However, this is only a temporary phenomenon. Bank managers treat customers who want to get a loan secured by real property with particular interest and care.
Mortgage loans are becoming less actual each month, which happens due to a negative trend in the real estate market (considering that it's real estate that is mostly pledged), which makes banking experts assess such collateral much lower than the minimum real market value.
The average term of a loan in the USA is three to five years.
The growth of annual interest rates for loans in American banks is explained by the fact that they receive loans from foreign banks, where rates on loans have greatly increased during the last six months. Activity of most European banks have been substantially limited by the current political and economic austerity policy. American banks are forced to raise interest rates until more attractive, cheaper offers appear on the market. Sadly, such offers aren't expected in the near future.
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