2023 Global Credit Trends

Our team of global experts compile analysis and insights on key indicators such as debt, demand, mortgage and more. Check out these top 2023 trends to help make sense of interconnected global economic trends.

THE TOP THREE TRENDS ACROSS THE GLOBE IN 2023: 

1. Hardship assistance is helping consumers get back on track. After declaring financial hardship, 70% of Australian credit card consumers maintain or improve their status. Under credit laws in Australia, if a consumer could afford a loan when it was obtained, but a change in circumstances means they can no longer afford the payment, consumers can ask for a financial hardship repayment arrangement. Learn more from Equifax Australia. 

2. Credit card delinquencies are on the rise. In the U.S., while recent economic indicators provide reasons for cautious optimism, a K-shaped recovery means that certain pockets of consumers will continue to face increasing financial stress. The number of consumers with at least one 30+ DPD (days past due) delinquency increased from 4.4% in 2019 to 5.1% in 2023. Equifax U.S. consumer credit trends, including delinquency data, are available each month. 

3. Mortgage holders are feeling financial pressure from high interest rates. Upcoming mortgage renewals will be pivotal for many homeowners in Canada - consumers who locked in historically low interest rates, particularly those with substantial loan amounts, may face challenges in sustaining their payments. The Q4 2023 Market Pulse and Consumer Credit Trends and Insights report from Equifax Canada breaks out these trends for Canadians in greater detail. 

For greater details around the world, view the latest Equifax Global Credit Trends Report.