Key Points
NEW 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...
There was a "notable" decline in credit over the last year, with application rates at 41.2%, compared to 44.8% in 2022 and the pre-pandemic 2019 level of 45.8%, the regional Fed bank's quarterly Survey of Consumer Expectations Credit Access survey showed...
Earlier this month, a New York Fed report on total household debt levels during the third quarter found a 4.7% rise in overall credit card debt to $1.08 trillion, which it attributed to the strong economy and robust consumer spending...
Credit costs have increased markedly for borrowers on the back of aggressive Federal Reserve interest rate hikes aimed at slowing the economy to bring high inflation back to the U.S. central bank's 2% target..
