The Equifax Quarterly Consumer Credit Insights Report: Q4 2023 – Summary

Mortgage demand returns to positive growth for the first time since 2021. Credit card and personal loan demand slowed in Q4 as changing economic conditions brought temporary relief.

Unsecured consumer credit applications declined (-5.0% vs December quarter 2022)

·         Credit card applications grew (+1.2% vs December quarter 2022)

·         Personal loan applications fell (-0.7% vs December quarter 2022)

·         Buy now pay later applications declined (-18.7% vs December quarter 2022)

Secured consumer credit applications increased (+1.1% vs December quarter 2022)

·         Mortgage applications grew marginally (+0.5% vs December quarter 2022)

·         Auto loan applications increased (+3.9% vs December quarter 2022)

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