Americans are seeking new credit at a rate not seen in nearly five years, according to fresh data released Monday by the Federal Reserve Bank of New York.
The findings, drawn from the bank’s latest Survey of Consumer Expectations Credit Access Survey, show that the overall rate of credit applications in June reached its highest point since October 2021.
The bank noted shifts in how consumers are approaching specific types of borrowing. “Compared to February 2026 readings, the average likelihood of applying for a new credit card, auto loan, higher credit card limit or mortgage refinance declined somewhat, while the likelihood of applying for a mortgage rose slightly,” the bank stated in its report.
The June survey also shed light on financial resilience among households. Respondents indicated there was a 34% chance they would need to come up with $2,000 to cover an unexpected expense — a slight increase from the February reading, though still lower than the 36% figure recorded in June of last year.
