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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Mar 09, 1980
Page
3
UPI reports a near balance in targeting consumers and firms as inflation and high interest costs strain credit. Banks struggle to source funds amid frenzied demand from big business, while consumer borrowing remains high and cards face curtailment due to usury-rate limits. Mortgage, credit, and small-business lending appear to weaken as rates climb.
A United Press International survey finds conventional mortgage rates averaging above 15 percent and reaching 17 percent in some lenders. Builders, buyers, and lenders blame the surge as demand collapses, with many regions seeing halted lending and pricing boosts through points and fees. Local buyers say payments are unaffordable while sellers struggle to move homes.
President Carter has decided to balance the 1981 budget as part of an anti inflation plan and may seek a small surplus. Congress will make final decisions as lawmakers and White House officials discuss program cuts to reach the goal. Credit controls and limiting Social Security growth are also under consideration.
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