HomeMortgageCanadian Consumer Credit Market Driven by Strong Credit

Canadian Consumer Credit Market Driven by Strong Credit

  • In Q3 2022, TransUnion’s Credit Industry Indicator remained steady and close to pre-pandemic levels
  • Strong credit activity driven by higher consumer participation and consumer-level balance growth
  • Growth in credit usage and stability in performance somewhat offset by slowing credit demand in a high inflation and interest rate environment

TORONTO, Nov. 29, 2022 (GLOBE NEWSWIRE) — TransUnion today released the findings of its Canada Q3 2022 Credit Industry Insights Report (CIIR), which shows that more Canadian consumers are utilizing credit. Credit participation reached a new record high, with 27.9 million Canadians having active credit products with a total outstanding balance of $2.29 trillion. This is a year-over-year (YoY) increase of 7.9%, on a three-year compound annual growth rate of +6.4%.

As part of the CIIR, TransUnion maps consumer credit market health with its Credit…

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