Economic collapse coming to the U.S. in 2024? Business loan demand is back to 2008 levels. In fact, demand for business loans is currently about 20% below levels during the 2020 pandemic lockdown. With rapidly rising interest rates and an uncertain economic outlook, businesses are treading cautiously. Obviously, why take on risky loans at high interest rates? The U.S. economy will be weak in 2024, and Americans' personal finances will be in a "death spiral."