Demand for new credit in the U.S. has fallen.
New credit demand in the United States has fallen this year and is likely to remain weak in the future, according to a survey by the U.S. Federal Reserve in New York. The bank's quarterly Survey of Consumer Expectations for Credit Access showed a "significant" decline in credit this year, with an application rate of 41.2%, compared with 44.8% in 2022 and 45.8% in 2019.
But while overall applications for new credit fell among those surveyed, interest in applying for more credit card debt rose. The report notes, however, that the decline in credit applications is expected to extend to new credit cards, auto loans, mortgages and home refinancing. Respondents also believe that the likelihood of credit applications being denied in the future is "significantly higher." $Nasdaq Composite Index(.IXIC.US$ $Dow Jones Industrial Average(.DJI.US$ $S&P 500 Index(.SPX.US$
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