From Liberty Street Economics at the NY Fed:
(Unmet) Credit Demand of American Households, by Basit Zafar, Max Livingston, and Wilbert van der Klaauw, NY Fed: One of the direct effects of the 2008 financial crisis on U.S. households was a sharp tightening of credit. Households that had previously been able to borrow relatively freely through credit cards, home equity loans, or personal loans suddenly found those lines closed off—just when they needed them the most. In recent months, aggregate statistics such as the Federal Reserve’s Consumer Credit series and the Senior Loan Officer Opinion Survey have shown a gradual improvement in consumer credit. The former series is an indicator of interaction of credit supply and demand, while the latter shows only short-term changes in demand and supply (as reported by lenders) separately. It is, therefore, not entirely clear whether the observed trends are a result of fluctuations in demand or supply. Are those demanding credit getting it? What differences are there among U.S. consumers in their demand for and access to credit?
To answer these questions, we designed and included a set of questions on credit access and demand as part of an internet-based survey... Using our survey, we have been able to determine that currently there is a large amount of unmet demand for credit. In the future, we intend to follow-up on respondents’ ability to obtain credit to see how their actions and perceptions with regard to credit change over time.