The Equifax Consumer Credit Demand Index: Q4 2022

Snapshot –

Consumers turn to credit cards as the cost of living increases.

Mortgage demand continues to fall, while personal loan arrears suggest further financial turbulence ahead.

Other highlights include:

·         Overall consumer credit applications increased (+5.1% vs December quarter 2021)

·         Credit card applications grew (+21.3% vs December quarter 2021)

·         Personal loan applications up (+4.8% vs December quarter 2021)

·         Buy now pay later applications declined marginally (-0.2% vs December quarter 2021)

·         Auto loan applications reduced (-14.4% vs December quarter 2021)

·         Mortgage applications declined (-16.1% vs December quarter 2021)

Source – Equifax – https://www.equifax.com.au/business-enterprise