NEW YORK— The share of U.S. consumers applying for credit climbed to its highest level in more than three years in February, according to new data from the Federal Reserve Bank of New York.
The New York Fed said in its analysis that 44.4% of consumers reported applying for at least one credit product during the 12 months ending in February, based on results from its Consumer Expectations’ Credit Access Survey.
That figure rose from 41.4% in the previous survey conducted in October 2025 and marks the highest application rate since October 2022, the New York Fed said.
The data suggest households are increasingly turning to credit products, including credit cards, auto loans and mortgages, amid ongoing economic pressures and elevated borrowing costs, the NY Fed said.
The Credit Access Survey is conducted as part of the New York Fed’s monthly Survey of Consumer Expectations and tracks consumer experiences with and perceptions of credit availability, including applications, approvals and rejections across a range of borrowing products.
Survival Gap
As the CU Daily reported earlier here, more than half of U.S. adults are now relying on credit cards to cover basic necessities such as groceries, rent and utilities, underscoring a widening “survival gap” in household finances, according to a 2026 survey released by Debt.com that also found many consumer don’t pursue debt relief opportunities.
