Americans’ access to credit continues to improve, according to a new Federal Reserve Bank of New York survey. The so-called survey of consumer expectations found that respondents who were too discouraged to apply for credit over the past 12 months declined to 4.9 percent in October, reaching its lowest level since the survey began in 2013.
The survey, done every four months, focuses on mortgages and refinancing, credit cards and limit increases, and auto loans. The most recent one found a rise in those applying for and accessing credit for such things, and a drop in rejections.
The New York Fed also updated its gauge of so-called financial fragility. While the average probability of respondents needing $2,000 for an unexpected expense in the next month rose to 33 percent, from 32 percent previously, the probability of being able to come up with the funds also rose to nearly 70 percent, from 67 percent.
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