A period during which lenders are unwilling to extend credit to borrowers. The term is particularly associated with the period beginning in late 2007, when the previous era of 'easy credit' came to a sudden end in the wake of the subprime lending fiasco.
A financial term referring to tight monetary conditions when loan money is scarce, interest rates are high, and borrowing becomes challenging and expensive; it may also pertain to situations where increased costs cannot be passed to customers.
