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US consumers continued to seek out more credit cards this year even as the Federal Reserve aggressively lifted borrowing costs, a shift that cooled demand for mortgages, auto loans and other types of credit, according to research from the New York Fed.
The New York Fed's most recent credit-access survey showed an application rate for credit cards of 27.1% for October, remaining "robust" after a 26.5% rate seen a year before. By contrast, the application rate for credit overall declined slightly, after a 2021 rebound.
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