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 inflation and lower interest rates , 2025 forecast projects growth in credit activity and improved performance 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.
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