The mortgage market is recovering as cash rate reliefs flow through most regions in the recent quarter. New credit card originations remain high as consumers keep up with inflation
Supply
Supply
Delinquencies
Credit Card Focus
Overall Debt
Chart data is indexed as of Q4 2019, except India which is Q4 2021. The New Zealand index was rebased in Q4 2021 due to account adjustments.
Chart data may not include all countries represented in the chart legend
North America
Canada: The mortgage market remained strained due to high interest rates through 1H’24. Although new mortgage originations improved by 21.3% from 2023 lows, they were still well below typical second-quarter levels
Europe
Non-Mortgage: Includes Buy Now Pay Later, credit cards, installment loans, personal loans and automobile loans. Availability and coverage will vary by region.
Non-mortgage debt continues to grow but at a gradual pace.
Chart data is indexed as of Q4 2019, except India which is Q4 2021. The New Zealand index was rebased in Q4 2021 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 Card Focus
Overall Debt
Supply
Australia: Mortgage account originations continued to slow at 2% below last year. National average limit per new account increased 10% YoY holding up overall portfolio growth of 4%
United States: Non-mortgage debt increased by ~4% YoY, driven by increases in credit card debt (8%) and auto debt (1.9%). Credit card originations limits are on the rise and is currently 8% higher than the same time a year ago
Canada: Consumer debt levels rose to $2.5 trillion in Q2’24, marking a 4.2% increase since Q2’23. Credit cards continued to be the primary driver of rising debt with outstanding balances reaching $122 billion, up 13.7% from Q2’23
United Kingdom: Gradual long term increasing trend in credit card balances, likely driven by increased costs. Total credit card balances up 7.7% YoY
Argentina: Non-mortgage debts remained stable compared to the last quarter
United States: Overall first mortgage debt continues to increase, up 2.5% YoY, but continues to grow at a slower pace as a result of higher interest rates in the US. Supply constraints are also easing in both new and used home inventory, providing prospects for more originations if rates start to fall
Canada: Slower than average growth in mortgage debt. Despite fewer home sales in Q2, average mortgage loan amounts rose by 6.1% YoY and 5.5% from the previous quarter
Card utilization is relatively flat despite high growth in credit card debt and card delinquencies are starting to flatten out for many regions.
Chart data is indexed as of Q4 2019, except India which is Q4 2021. The New Zealand index was rebased in Q4 2021 due to account adjustments.
Chart data may not include all countries represented in the chart legend
Credit Card Focus
Card Utilization
Delinquency
Delinquencies
Credit Card Focus
Overall Debt
Supply
United States: Credit card delinquency is nearing pre-pandemic levels after a runup in 2023. Severe delinquency rates (60+ DPD $ delinquencies ex: write-offs) stand at 1.8%. Newer vintages are still exhibiting higher delinquency rates vs. those vintages originated during the pandemic
United States: Credit card utilization is around ~21% — 50 bps higher than a year ago — on the back of increased credit limits, with total credit card limits 8% higher than a year ago, and balances 8% higher than a year ago
Canada: Huge growth in new originations coupled with increasing credit limit on new cards is keeping credit card utilization flat
Canada: Average credit card balance per consumer continued to grow despite a slowdown in consumer spending. This increase was primarily attributed to a reduction in card pay rates, with consumers under 35 years of age seeing the fastest decline in card payment levels
Brazil: The delinquency rate for credit card remains stable in 1H’24, after a few quarters of increase
Early signs of pressure easing on delinquencies across many regions
Chart data is indexed as of Q4 2019, except India which is Q4 2021. The New Zealand index was rebased in Q4 2021 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 Card Focus
Overall Debt
Demand
United States: Non-mortgage delinquency continues to decrease across most lending products, indicating the increase in delinquency since mid 2022 is slowing. Mortgage delinquency is still lower than in pre-pandemic levels. Subprime delinquency remains elevated
United States: Auto and personal loan delinquency is continuing to increase, while credit card delinquency has steadied in the most recent month
Credit Card Focus
Overall Debt
Delinquencies
Supply
Overall Debt
Credit Card Focus
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
Argentina: Credit limit increases didn't follow the inflation rate behavior, which can impact the utilization levels. Utilization levels are moving around 35% in the last 3 quarters
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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 Spain is stable with respect to 1H’23
United Kingdom: After a prolonged period of growth as a result of interest rate pressures, mortgage delinquency rates have stabilized since the turn of the year. This welcome pause in the upward trend suggests that consumers may be adjusting to the higher cost of borrowing. Similar stability in delinquency trends has been observed across various account types
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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.
Supply
Delinquencies
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Ecuador: Non-mortgage debt looks stuck caused by weakness of demand (0.6% annual estimate rate in 2024) in the private demand sector and the lack of liquidity
India: The delinquency for credit cards has gone up by 17 bps YoY; 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 is showing signs of stabilization, building upon the positive trajectory observed since the start of 2024, although with a slight increase
South America
Ecuador: Non-mortgage demand presents a slight increase compared to Q1, reflecting the first trimester without a fall since 2022
Australia: The decline in secured credit growth is expected to persist, with mortgage originations falling by 2% compared to last year, mirroring the decrease seen in the previous quarter. This trend is likely to continue due to significant reduction of refinancing activity compared to last year
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
Oceania & Asia
Argentina: Lower credit card utilization (-7%) due to an increase in credit card limit, but constant spending
Canada: One in 23 consumers are missing a payment on at least one credit product in Q2’24, up from one in 25 a year ago. Overall, the non-mortgage balance delinquency rate sat at 1.4% surpassing peak 2020 levels, and the highest since 2011 — rising 23.4% compared to Q2’23
South America
Argentina: Delinquency has remained stable in 1H’24, as the economic environment is affecting payment capacity
Ecuador: Personal loans delinquency rate has continued to increase due to the deterioration of people's ability to pay
Brazil: The delinquency rate for auto and personal loans increased a little, around 3%, compared to Q1’24
Oceania & Asia
Australia: Delinquencies are still increasing but gradual. The slow increase in mortgage delinquencies reflect resilience demonstrated by Australian consumers over the past two years. If unemployment rises further, mortgage delinquencies are expected to increase more rapidly in the coming months
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)
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
India: Mortgage debt increased by 16% YoY. Non mortgage debt increased in the range of 18-22% YoY with gold loans seeing the maximum increase
India: Mortgage demand continued to increase with a growth of 8% in demand compared to the last year. Unsecured loans which were having a huge run up in growth have seen a softening in growth after the central bank’s tightening of monetary policies by 10%
Ecuador: Credit card utilization remains stable due to increase in credit limits in the overdebt sector. Total credit card debt increased 2.2% in Q2’24, attributable to the persistent stagnation in the labor market recovery
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 13 bps decline YoY. Non-mortgage loans saw a 5-10 bps increase across products, this is due to the higher demand-supply dynamics in the small ticket loan segment
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)