Unsecured credit growth has slowed due to lower interest rates and inflation; mortgage refinance activity grew in some regions
Demand
Demand
Delinquencies
Credit Cards
Overall Debt
Chart data is indexed as of Q4’19, except India which is Q4’21. The New Zealand index was rebased in Q4’21 due to account adjustments. Chart data may not include all countries represented in the chart legend.
North America
Canada: Overall demand for new credit has slowed, with new originations falling for most non-mortgage credit products. This reflects a greater caution from both consumers and lenders, with new credit now limited to the lowest-risk consumers.
The mortgage market was heavily influenced by renewals and refinancing of existing loans, which were up significantly. There were limited number of new buyers, especially in major markets like Ontario and British Columbia.
Europe
Non-Mortgage: Includes Buy Now Pay Later, credit cards, installment loans, personal loans and automobile loans. Availability and coverage will vary by region.
Debt expansion has moderated for some regions with looser monetary controls in place
Chart data is indexed as of Q4’19, except India which is Q4’21. The New Zealand index was rebased in Q4’21 due to account adjustments. Chart data may not include all countries represented in the chart legend
Deuda: dinero prestado por los consumidores en un momento determinado. Se refiere al límite amortizado o al saldo pendiente según los datos recopilados de cada región, excepto España, que informa solo activos incumplidos porque la Oficina española administra solo datos negativos.
No hipotecarios: incluye Comprar ahora Pagar después, tarjetas de crédito, préstamos a plazos, préstamos personales y préstamos para automóviles. La disponibilidad y la cobertura variarán según la región.
Overall Debt
Mortgage Debt
Non-Mortgage Debt
Ir a Demanda
Ir a Morosidades
Delinquencies
Credit Cards
Overall Debt
Demand
Australia: Mortgage debt sustained high amortized limit growth in the past five years at 5.7% compared to last year. Mortgage demand has returned, evidenced by a sustained 5% increase in the average mortgage limit per account.
United States: While historically Q1 trends downward after the holidays and 2025 Q1 was no different, Q2 is trending up as per usual but at a slower rate of 1.7% YoY. The increase continues to mainly be driven by credit card debt (3.2%) and installment loans (1.3%) while auto remains relatively flat (0.6%).
Canada: Total consumer debt climbed to $2.58 trillion, marking a 3.1% YoY increase, while average non-mortgage debt per consumer rose to $22,147, as households continue to feel the pressure of rising costs for vehicles, groceries, mortgages and rent.
United Kingdom: The gradual long term increasing trend in credit card balances continues into 2025, demonstrating the strong demand and supply in the market. Total credit card debt is now 7.6% above pre-pandemic levels.
Argentina: The growth is attributed to a significant rise in installment loan debt. This trend indicates a strong consumer appetite for long-term financing.
United States: Mortgage debt continues to increase at a steady rate, up 3% YoY.
Canada: Mortgage growth continued to slow, reaching its smallest YoY increase by the end of 1H’25.
Card delinquencies trending upwards, past pre-pandemic levels in most countries
Chart data is indexed as of Q4’19, except India which is Q4’21. The New Zealand index was rebased in Q4’21 due to account adjustments. Chart data may not include all countries represented in the chart legend.
Credit Cards
Card Utilization
Card Delinquency
Delinquencies
Credit Cards
Overall Debt
Demand
United States: Credit card 90+ day delinquency continues to decrease, in both dollars (5%) and number of accounts (6%), to be comparable to late 2023 / early 2024 levels.
United States: The typical utilization climb is significantly slowing as 1H’25 is down approximately 300 bps YoY.
Canada: Credit card utilization rates continued to fall, as rising credit limits outpaced the growth in balances.
Canada: Credit card delinquency rates continued to rise, with younger consumers, especially those under 25, experiencing the highest delinquency rates and the fastest increase in missed payments.
Brazil: Credit card interest rates, particularly for revolving credit, have reached historic highs. According to the Central Bank, the average interest rate on revolving credit climbed to nearly 450% annually by May ‘25. This makes it difficult for borrowers to pay off their debt, directly contributing to higher delinquency.
Delinquency rates showed signs of stabilization towards the end of 1H’25, following a period of previously elevated levels
Chart data is indexed as of Q4’19, except India which is Q4’21. The New Zealand index was rebased in Q4’21 due to account adjustments. Chart data may not include all countries represented in the chart legend.
Delinquency: The delinquency rate refers to the percentage of loans that are 90 or more days past due.
Delinquencies
North America
Delinquencies
Credit Cards
Overall Debt
Demand
United States: Non-mortgage delinquencies continue to decrease YoY mostly due to installment (8%) while auto remains flat. Mortgage delinquencies (0.68%) continue to climb to pre-pandemic levels (0.80%). Mortgage delinquent accounts (0.72%) are increasing, but not as close (0.86%).
United States: Auto and personal loan delinquency is continuing to increase, while credit card delinquency has steadied in the most recent month
Credit Cards
Overall Debt
Delinquencies
Demand
Overall Debt
Credit Cards
Delinquencies
Utilization
Overall Debt
Demand
Australia: Mortgage debt will continue to be elevated as a result of the pandemic property boom
United States: Total mortgage debt continued to rise—9% YOY in March
Canada: Despite a decline in new mortgage volume, Canada’s mortgage debt grew by 9.2% YOY and 2.6% QOQ in Q2 2022
United States: Bankcard utilization is increasing across all score tiers, however has not returned to pre-COVID levels
Canada: Average credit limit on new cards is up by 27% when compared to the same time period in 2021
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Non-Mortgage Inquiries
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Spain: 1H’25 total non-mortgage debt increased 1.3% YoY.
*Includes Buy Now Pay Later, credit cards, installment loans, personal loans and automobile loans. Availability and coverage will vary by region.
Spain: Continued decrease in debt due to financial government support during pandemic period (Spain only reports defaulted assets)
Canada: Non-mortgage debt in Canada surpassed pre-pandemic levels with huge growth
in new credit card volume
Debt: Money borrowed by consumers at a point in time. Refers to amortized limit or outstanding balance depending on data collected from each region, except Spain which reports just defaulted assets because Spanish Bureau manages negative data only.
Non-Mortgage: Includes Buy Now Pay Later, credit cards, installment loans, personal loans and automobile loans. Availability and coverage will vary by region.
Mortgage delinquency rates remain at low levels with many households still on low interest rates, expected increase in delinquencies as consumers roll off fixed rates
United Kingdom
Spain: Credit demand increased in 1H’25, particularly in home acquisition loans, thanks to lower interest rates, favorable expectations in the housing market, and greater consumer confidence.
United Kingdom: Following a mixed picture at the start of the year, delinquency rates have since stabilized. This welcome development suggests the market is finding its footing, as consumers continue to adapt to the financial climate and resume the positive trajectory observed at the end of 2024.
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Debt: Money borrowed by consumers at a point in time. Refers to amortized limit or outstanding balance depending on data collected from each region, except Spain which reports just defaulted assets because Spanish Bureau manages negative data only.
Non-Mortgage: Includes Buy Now Pay Later, credit cards, installment loans, personal loans and automobile loans. Availability and coverage will vary by region.
Demand
Delinquencies
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Ecuador: Non-mortgage debt continues to slightly increase QoQ because of lack of demand.
Australia: Early credit card delinquencies remain high, reflecting continued consumer pressure. While 90+ delinquency rates were stable in 1H’25, a jump in total credit limits in late delinquency highlights increasing financial stress for cardholders with larger lines.
Europe
Argentina: Non-mortgage debt remains stable after the decrease in Q4 2022, mainly caused by bonuses and salary adjustments and by a drop in consumption due to loss of purchasing power due to high inflation
Canada: Credit card utilization is increasing but the overall impact on utilization is being masked due to increasing growth in new credit card volume and higher credit limits being assigned to new cards
Argentina: Delinquency remains stable. This market behavior shows the same trend since 2021, according to historical loan delinquency levels
Ecuador: Personal Loans delinquency is starting to rise due to liquidity problems and uncertainty affecting sales and payment capacity
Argentina & Ecuador
Argentina: A continued decrease in demand, caused by a decline in consumption recorded in June.
South America
Ecuador: Non-mortgage inquiries increased 1.2% compared to Q1’25, trending towards the levels of the prior year.
Australia: Mortgage demand saw a consistent 5% YoY increase for 1H’25, largely due to two rate cuts. Refinancing and upgrading existing mortgages were the primary drivers of this activity, while new mortgage originations are anticipated to rise later. Proactive debt consolidation accelerated in 2025, leading to a net decrease of 4.2% in active credit card accounts YoY.
New Zealand: In 1H’25, mortgage inquiry volumes were up 15.9% year-over-year, largely due to a competitive market and increased borrower comparison shopping. Meanwhile, credit card inquiries stabilized towards the end of the first half, remaining 8.9% higher than the previous year.
Oceania & Asia
Argentina: Credit card utilization has remained stable, a trend primarily supported by both debt and credit limit consistency. Consumers are not significantly increasing their spending or leveraging their full borrowing capacity.
Canada: Despite early signs of stabilization, consumer credit performance remains strained. Close to 1.4 million Canadians missed a credit payment in Q2’25, a number that was 7K fewer than Q1’25 but still 118K higher YoY.
South America
Argentina: The rise in delinquency is due to recurring late payments, a symptom of underlying issues related to wage stagnation and the ongoing inflation.
Ecuador: Delinquency rates remain relatively stable, with a subtle decline across different products.
Brazil: The overall delinquency rate should remain stable for the rest of 2025, based on a resilient labor market and continued high interest rates, which pressure borrowers, but also encourage a more cautious approach to new debt.
Oceania & Asia
Australia: Despite the relief provided by rate cuts, signs of lingering financial stress persist. A key trend has emerged across mortgages, credit cards, and personal loans, where the dollar value of delinquent accounts is rising for Q2’25 (+10.1% , +9.6% , and +22.2% respectively), even as the rate of delinquent accounts remains stable or improves.
New Zealand: Late-stage mortgage delinquencies remained consistent in 1H’25. The overall trend, which had been steadily increasing, now appears to have peaked and is showing signs of decline.
Australia: Mortgage originations 9% below last year. National average limit per new account increased 8% YoY
Canada: Non-mortgage demand primarily being driven by higher immigration. Mortgage demand is up year over year with first time home buyers as well as upcoming renewals driving inquiries
North America
Argentina: Non-mortgage inquiries have remained stable despite the economic context. Online inquiries remain strong in order to retain existing clients and focus on portfolio quality over new clients in the open market
Argentina: Non-mortgage inquiries have remained stable despite the economic context. Online inquiries remain strong in order to retain existing clients and focus on portfolio quality over new clients in the open market
South America
United Kingdom: Annual growth rate for all consumer credit rose to 8.0% in September, the highest since November 2018, primarily driven by the annual growth rate for credit card borrowing reaching 12.5% in September
Spain: Shows an increase in credit demand in Q4’23 compared to the previous quarter which normally has low activity during the summer period
Europe
United States: Non-mortgage delinquency (removing student loans) have reached pre-pandemic levels on all product categories, while mortgage delinquency remains much lower, despite an uptick in 2023
Canada: Delinquencies and insolvencies are rising across the board. Over 150k more consumers missed at least 1 payment than 12 months ago
North America
Canada: Delinquencies and insolvencies are rising across the board. Over 150k more consumers missed at least 1 payment than 12 months ago
Brazil: The share of non-mortgage debt in total household debt has increased. While mortgage debt continues to grow, its pace has been slower than non-mortgage debt, particularly credit card and personal loans.
India: Overall demand for mortgages soften notably compared to last quarter, while non-mortgage lending remained resilient.
Ecuador: Credit card utilization remains stable, supported by steady debt and limits.
New Zealand: Mortgage demand softened in Q2, falling back from the stronger levels seen at the end of last year and beginning of this year — largely echoing the trends seen in house prices. Personal loan demand was also weak in Q2 on the back of more individuals believing it a poor time to buy a major household item — with the weakness most prominent in younger borrowers
Argentina: Lower credit card utilization (-7%) due to an increase in credit card limit, but constant spending
India: Credit cards continue to be the highest risk segment, mortgages are showing a gradual but notable rise in stress, while auto loan delinquencies remain elevated but more stable.
New Zealand: Delinquencies are up over the long-run noting the economic environment; however the Q2’24 levels for all products were flat (if not down) compared to Q1’24. The majority of mortgage borrowers have absorbed the pressure, noting the 90 day delinquency level is well below the GFC and the deterioration over the last few years is rolling off historically low levels (2016-2020)
Spain: Spanish household mortgage debt showed a trend towards moderation and stability in 1H’25, an improvement over 2024.
Brazil: In Q2'25, credit demand has moderated compared to the previous quarter. While credit growth remains positive, the pace has slowed, a trend that began in 2H’24. This is a result of a tight monetary policy environment and a more cautious approach from lenders.
Brazil: Both mortgage debts and non-mortgage debts remained stable compared to Q3 ’24.
Ecuador: Non-mortgage inquiries decreased 9.7% compared to Q3’24, reaching its lowest point in the last 4 years.
Canada: Credit card 90+ balance delinquency rate surpassed pre-pandemic levels.
India: Mortgage debt registered modest growth, indicating steady demand in the housing segment.
India: Credit cards within the open market segment declined in 1H’25, resulting in both lower acquisitions and also lower limits on new acquisitions.
Spain: Spanish household mortgage debt showed a trend towards moderation and stability in 1H’25, an improvement over 2024.
Ecuador: Credit card utilization remains stable, supported by steady debt and limits.