Economic pressures continue to push consumers towards unsecured credit, while the mortgage market returns in a controlled manner.
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: The overall Canadian mortgage market showed signs of recovery, with new mortgage originations rising 39% YoY. First-time homebuyers returned, with a 28.2% increase from the extreme lows of purchases in Q4‘23. Non-mortgage lending remained subdued, with the exception of a surge in non-bank auto loans, which dominated new originations.
Europe
Non-Mortgage: Includes Buy Now Pay Later, credit cards, installment loans, personal loans and automobile loans. Availability and coverage will vary by region.
While non-mortgage debt is increasing in many regions, India has shown substantial growth over the past few quarters in mortgage and non-mortgage debt, driven by supply-side factors and a strengthening economy.
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 maintained growth of 4.5% from Q4 ’24. However, slower mortgage demand for the most part of ‘24 saw less growth in average limit per account at 7.3% against Q4 ’24 from double digit growth for over 2 years.
United States: While non-mortgage debt continues to increase, the rate of increase is decreasing YoY; this is true for all product categories. Alternatively, non-auto installment loan debt is decreasing when comparing quarters YoY. Lenders are either tightening their policies or looking to tighten their policies ahead of rising delinquencies.
Canada: Total non mortgage debt in Canada at the end of ‘24 went up by 4.6% over ‘23. Non-bank auto loans drove much of this increase, rising 11.7% YoY, while the average non-mortgage debt per consumer reached $21,931, exceeding pre-pandemic levels.
United Kingdom: The gradual long term increasing trend in credit card balances continued throughout ‘24, likely driven by increased costs. Total credit card balances are up 5.6% YoY.
Argentina: The last quarter showed an increase in economic activity, evidenced by the growth of installment loan and auto debt.
United States: Mortgage debt continues to increase, up 2% - 3% FY ‘24 compared with FY ‘23. While ‘23 and ‘24 high interest rates have kept originations lower compared to pandemic years, the Federal Reserve’s rate cuts have led to more new accounts in ‘24 than ‘23.
Canada: Steady rise in mortgage debt as new credit demand remained lower than past peaks.
Card delinquencies have risen in some regions due to economic pressures.
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
Delinquency
Delinquencies
Credit Cards
Overall Debt
Demand
United States: Despite a drop in Q2 ‘24 and Q3 ‘24, credit card delinquency in Q4 ‘24 is well above the last 5 years’ delinquency in terms of accounts and dollars continuing a trend towards consumer distress.
United States: While the trend continues where utilization is highest in Q4 and drops slightly in Q1 the following year, utilization has been steadily increasing since ‘20 drop and has now reached pre-pandemic levels, likely as a result of increasing prices and depleting savings.
Canada: While credit utilization remained steady, overall credit card debt continued its upward climb, increasing by 7.8% YoY, though this marks the slowest growth rate since ‘22.
Canada: Credit card 90+ balance delinquency rate surpassed pre-pandemic levels.
Brazil: The delinquency rate for credit cards increased by 5%.
Despite lower rates, personal loan delinquency rates vary across regions, and improvements in long-term loans, like mortgages, are lagging.
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 delinquency balances are continuing to climb versus prior year in key categories including auto (2.2%) and credit card (14%) and reached levels above pre-pandemic. Though up roughly 23% YoY, mortgage delinquency is still below pre-pandemic and global
financial crisis levels.
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: Slight increase in mortgage debt, which is still decreasing in the long term, while non-mortgage debt appears to be stable as already observed in the last year and a half
*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 in 2H ’24 slightly decreased with respect to the same period last year, a tendency that was not observed during 1H ’24. In general, the credit trend of ‘24 showed similar patterns to ‘23.
United Kingdom: After a challenging period, ‘24 provided welcome stability in delinquency rates with most account types remaining consistent through the best part of the year. Further trend improvements were observed in Q4 ‘24, with overall delinquency rates dropping across both secured and unsecured markets. Notably, the credit card delinquency rate reached its lowest level in two and a half years.
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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.
India: Credit card delinquency increased by 29 bps QoQ, signaling that credit card stress is increasing in the Indian economy.
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: Demand in ‘24 continues with the positive trajectory observed since the start of ‘24, with an upward trend towards the end of the year.
South America
Ecuador: Non-mortgage inquiries decreased 9.7% compared to Q3’24, reaching its lowest point in the last 4 years.
Australia: High interest rates and a drop in refinance activity compared to the year before resulted in less accounts opened in Q4 ‘24 YoY. However, Australia saw a second consecutive quarter of growth in mortgage demand, now at 2.7% YoY, suggesting a potential resurgence in consumer confidence.
New Zealand: Mortgage inquiries in Q4 ’24 increased by 12.1% compared to last year against the backdrop of falling retail interest rates. This is driven by borrowers shopping around in a competitive environment, a trend that has persisted for several months.
Oceania & Asia
Argentina: In Q4 ‘24 balances and credit limits both increased by 25%, maintaining the ratio observed in the Q3 ‘24.
Canada: Overall 90+ days non-mortgage delinquency rates reached a new peak of 1.53% in Q4 ‘24, up 23 bps from Q4 ‘23, and severe balance level delinquency across all products exceeded pre-pandemic levels.
South America
Argentina: A decrease in the delinquency rate is observed compared to previous quarters and is expected to remain stable.
Ecuador: In Q4 ´24, the delinquency rate continued to rise due to the deterioration of repayment. Financial relief measures were implemented to support individuals facing economic difficulties.
Brazil: The delinquency rate for personal loans and auto are both stable, compared to Q3 ‘24.
Oceania & Asia
Australia: Low unemployment continued to keep delinquencies in check. Overall delinquencies increased vs. last quarter as per seasonal expectations, but change is marginal. Late stage delinquencies had a small nominal increase of 1.1% in the number of accounts and 10.3% in limits in delinquency.
New Zealand: Late stage delinquencies have leveled off (if not improved) through 2H ‘24, following a persistent run of increases post-pandemic. Most products have finished within a few bps of the levels seen at the end of ‘23, apart from approximately 30 bps YoY increases in Personal Loan and Auto Loans
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: Both mortgage debts and non-mortgage debts remained stable compared to Q3 ’24.
India: The automobile sector is one of the key drivers of the Indian economy and it contributes ~6% to India’s National GDP. Auto originations increased 10% QoQ in Q4 ‘24.
Ecuador: Credit card utilization remains stable due to increase in credit limits in the overdebt sector. Total credit card debt increased 2.8% in Q4 ’24.
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: Mortgage delinquency saw a 3 bps decline YoY. Non-mortgage loans saw a 45 bps increase across products.
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)
India: Mortgage debt increased by 12% YoY and non-mortgage debt increased by 31% annually.
Brazil: In Q4’24, credit demand remained stable compared to the previous quarter.
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.