Equifax's 2024 Global Consumer Credit Trends Report Unveils Insights for Lenders Worldwide
Equifax, a prominent player in the world of data and analytics, recently unveiled its 2024 Global Consumer Credit Trends Report. This third annual report provides an extensive overview of credit data and trends across ten countries, including Australia, Brazil, Canada, India, Spain, and the United States. Leveraging the power of the Equifax Cloud™, this report equips lenders around the globe with vital insights needed to understand consumer credit demand, debt levels, delinquency rates, and inflation trends.
"Unique, differentiated data and analytics continues to be at the heart of our business," stated Patricio Remon, President of Equifax International. He emphasized that the breadth of insights offered in this report is unmatched, enabling stakeholders to make more informed decisions while facilitating innovation in their strategies and services.
The report highlights that the global recovery from recent prolonged periods of high inflation is expected to be gradual, showing significant variances across different regions and populations. Inflation trends were specifically analyzed for countries including Argentina, Australia, Brazil, Canada, Ecuador, India, New Zealand, Spain, the United Kingdom, and the United States. The findings revealed a general easing of monetary policies to support consumers grappling with economic pressures.
A notable example included Australia, which experienced its first cash rate reduction in four years, a response to its Consumer Price Index hitting the target rate for multiple quarters. Conversely, India observed a 7% increase in mortgage lending year-over-year, driven by urbanization and improved affordability, while non-mortgage debt surged by a significant 45% due to robust economic growth.
Spain emerged as a strong performer in the Euro area, with its Gross Domestic Product (GDP) expanding by 0.8% quarter-over-quarter and 3.2% year-over-year, leading to lower interest rates from the European Central Bank in December 2024. In contrast, consumer credit demand has shown resilience globally, despite ongoing economic challenges that push consumers toward unsecured credit options.
In Canada, the mortgage market signaled a recovery with new mortgage issuances rising by 39% from the previous year, while Argentina continued to see an upward trend in consumer credit demand towards the end of the year. Brazil also reported stable demand for credit in the fourth quarter.
As the consumer credit landscape continues to evolve globally, Equifax emphasizes the importance of understanding credit behavior and inflation trends. They offer regular insights, such as the National Consumer Credit Insights in the U.S. and quarterly updates in Australia and Canada, alongside the U.K.'s annual Financial Health Report, providing a comprehensive view of financial wellbeing within the regions. The complete findings from the Equifax 2024 Global Consumer Credit Trends Report are available on their website.
Equifax, headquartered in Atlanta and boasting a workforce of nearly 15,000 employees worldwide, plays a critical role in the global economy. By assisting financial institutions and organizations in making well-informed decisions backed by precise data, they strive to propel progress and innovation. More information about their initiatives can be found at Equifax.com.
"Unique, differentiated data and analytics continues to be at the heart of our business," stated Patricio Remon, President of Equifax International. He emphasized that the breadth of insights offered in this report is unmatched, enabling stakeholders to make more informed decisions while facilitating innovation in their strategies and services.
The report highlights that the global recovery from recent prolonged periods of high inflation is expected to be gradual, showing significant variances across different regions and populations. Inflation trends were specifically analyzed for countries including Argentina, Australia, Brazil, Canada, Ecuador, India, New Zealand, Spain, the United Kingdom, and the United States. The findings revealed a general easing of monetary policies to support consumers grappling with economic pressures.
A notable example included Australia, which experienced its first cash rate reduction in four years, a response to its Consumer Price Index hitting the target rate for multiple quarters. Conversely, India observed a 7% increase in mortgage lending year-over-year, driven by urbanization and improved affordability, while non-mortgage debt surged by a significant 45% due to robust economic growth.
Spain emerged as a strong performer in the Euro area, with its Gross Domestic Product (GDP) expanding by 0.8% quarter-over-quarter and 3.2% year-over-year, leading to lower interest rates from the European Central Bank in December 2024. In contrast, consumer credit demand has shown resilience globally, despite ongoing economic challenges that push consumers toward unsecured credit options.
In Canada, the mortgage market signaled a recovery with new mortgage issuances rising by 39% from the previous year, while Argentina continued to see an upward trend in consumer credit demand towards the end of the year. Brazil also reported stable demand for credit in the fourth quarter.
As the consumer credit landscape continues to evolve globally, Equifax emphasizes the importance of understanding credit behavior and inflation trends. They offer regular insights, such as the National Consumer Credit Insights in the U.S. and quarterly updates in Australia and Canada, alongside the U.K.'s annual Financial Health Report, providing a comprehensive view of financial wellbeing within the regions. The complete findings from the Equifax 2024 Global Consumer Credit Trends Report are available on their website.
Equifax, headquartered in Atlanta and boasting a workforce of nearly 15,000 employees worldwide, plays a critical role in the global economy. By assisting financial institutions and organizations in making well-informed decisions backed by precise data, they strive to propel progress and innovation. More information about their initiatives can be found at Equifax.com.
Topics Financial Services & Investing）
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