People walk by the Federal Reserve Bank of New York in the financial district of New York City, U.S., June 14, 2023.
REUTERS/Shannon Stapleton/File Photo Acquire Licensing RightsNEW YORK, Nov 20 (Reuters) - Demand for new credit in the U.S. over the last year has declined and will likely stay soft in the future, according to a survey released on Monday by the New York Federal Reserve.
But even as the overall application rate for new credit declined among those surveyed, interest in applying for more credit card debt rose.
The survey said that reading had hit 29% as of October and was 26% for 2023, compared to a 27.2% credit card application rate in 2019.
The report noted that expected decline in applications for credit extended to new credit cards, auto loans, mortgages and home refinancing.
Persons:
Shannon Stapleton, Michael S, Paul Simao
Organizations:
Federal Reserve Bank of New, REUTERS, New York Federal Reserve, Fed, Consumer, New York Fed, Thomson
Locations:
Federal Reserve Bank of New York, New York City, U.S