Fewer consumers sought credit, and the number of those too discouraged to even apply grew, according to the quarterly Survey of Consumer Expectations (SCE) Credit Access Survey, released by the Federal Reserve Bank of New York Monday.

Although they needed credit in the past year, 7.1% of survey respondents said they were too discouraged to apply, the highest level since June 2014, and an increase from the 5.7% reported in the last survey in October 2016.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.