Coming as no surprise to many, given the challenging state of our economy, more Canadian consumers are turning to credit.
Today, TransUnion released the findings of its Canada Q3 2022 Credit Industry Insights Report (CIIR), which shows that credit participation reached a record high. During the third quarter of the year, 27.9M Canadians having active credit products with a total outstanding balance of $2.29T. This marks a year-over-year (YoY) increase of 7.9%, on a three-year compound annual growth rate of +6.4%.
As part of the report, TransUnion maps consumer credit market health with its Credit Industry Indicator (CII), which rose 3.5 points YoY to 105.6 in September 2022, staying relatively steady following the Q2 2022 score of 103.8, after reaching a high of 110.8 in April this year.
“Rising CII levels generally indicate an improvement in the overall activity and health of…