The overall rejection rate for credit applicants in the United States rose to the highest level since 2018 in June

The New York Federal Reserve Bank's monthly survey of consumer expectations showed that credit is the hardest to get in years, with fewer people seeking loans, at least for the time being.

The bank said the overall rejection rate for credit seekers rose to 21.8% in June, the highest level since June 2018, compared to 17.3% in February. The survey added that car loan refusal rates reached the highest level for a data series dating back to 2013 and amounted to 14.2% compared to 9.1% in February.