Credit

If Americans are gripped by an affordability crisis, its biggest banks aren’t seeing it. Consumer spending is growing, people are saving and investing too, while losses on bad credit cards are falling. It’s a puzzle when paired with the poor sentiment reported in surveys and a drumbeat of complaints about high prices, but in the eyes of lenders, at least, the economic outlook for 2026 appears strong.

ICICI Securities analysts Vinod Kakri and Bhavesh Talreja said that after surprising last year on tax stimulus and GST cut later in the year, the Union Budget for FY27 is likely to limit spending and instead focus on developmental areas, like manufacturing and infrastructure.

When a loan EMI or credit card payment is overdue for up to 90 days, it reflects in the individual’s credit report as SMA. The bank can reject new credit applications if there are SMA(s) in the applicant’s credit report.

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