Financial Personal
Canadian Credit Market Set to Grow in 2025 Amid Expected Lower Cost of Living and Interest Rates
Key findings from TransUnion report: Number of Canadians with access to credit and total outstanding consumer balances reached new records in the third quarter of 2024, mainly driven by Millennial and Gen Z consumers With an expectation of subsided i
TORONTO, Nov. 26, 2024 (GLOBE NEWSWIRE) -- More Canadians borrowed and used credit in the third quarter of 2024, as interest rates and inflation continued to decline, pushing the total consumer credit debt to a record $2.5 trillion, a 4.1% year-over-year (YoY) increase, according to TransUnion’s Q3 2024 Credit Industry Insights Report (CIIR). The number of Canadians with at least one credit product rose to 32.2 million, a 3.1% increase YoY, and the number of Canadians with an outstanding balance also rose to 29.7 million, a 2.8% increase YoY. Read More
