The Third Annual Report from Equifax offers unique insights from Equifax Cloud™ to assist lenders worldwide in making informed decisions and innovating quickly. Released on April 11, 2025, the report, titled “2024 Global Consumer Credit Trends,” provides data and trends from 10 countries, including Australia, Brazil, Canada, India, Spain, and the United States. Utilizing Equifax Cloud™ and a custom data fabric, this report aims to provide lenders with a comprehensive view of consumer credit demand, debt, delinquencies, credit card utilization rates, and inflation trends to foster mainstream financial opportunities for consumers.
Equifax’s President of Equifax International, Patricio Remon, emphasized the importance of unique data and analytics in the company’s operations. The Global Consumer Credit Trends report stands out for its comprehensive insights enabled by Equifax Cloud and the custom data fabric. The Equifax Cloud™, supported by a significant investment of over $1.5 billion, offers advanced technology and security infrastructure to develop faster, more reliable, and secure solutions. The custom data fabric central to Equifax Cloud unifies data from various sources, ensuring data governance and compliance with regulatory requirements.
The 2024 report highlights slow recovery from high inflation, with variations among populations and regions. Specific inflation trends for countries like Argentina, Australia, Brazil, Canada, Ecuador, India, New Zealand, Spain, the United Kingdom, and the United States are included, with most regions easing monetary policies to support consumers in challenging economic conditions. For instance, Australia reduced its cash rate for the first time in four years, India saw an increase in mortgage lending due to urbanization and affordability, and Spain’s economy emerged as one of the healthiest in the Euro area by the end of 2024. In December 2024, the European Central Bank reduced interest rates as Gross Domestic Product (GDP) experienced a 0.8% quarter-over-quarter growth and a 3.2% year-over-year increase. Equifax data revealed that consumer credit demand remained steady globally, with consumers leaning towards unsecured credit due to economic pressures. The mortgage market also showed controlled returns.
In Canada, the mortgage market exhibited signs of recovery with a 39% year-over-year increase in new mortgage originations. Argentina saw a positive demand trend throughout 2024, especially towards the end of the year. Brazil experienced stable credit demand in the fourth quarter compared to the previous quarter.
Understanding consumer credit behavior and inflation trends is crucial as consumer credit markets evolve globally. Equifax provides insights from various regions, including the National Consumer Credit Insights in the U.S., quarterly consumer and commercial insights in Australia and Canada, and the U.K.’s Financial Health Report.
For more detailed information, the Equifax 2024 Global Consumer Credit Trends Report can be accessed here.
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Equifax (NYSE: EFX) is a global data, analytics, and technology company that empowers critical decision-making for financial institutions, companies, employers, and government agencies. With a focus on knowledge-driven progress, Equifax’s unique data, analytics, and cloud technology drive insights to facilitate decisions that propel individuals forward. Headquartered in Atlanta and supported by nearly 15,000 employees worldwide, Equifax operates in 24 countries across North America, Central and South America, Europe, and the Asia Pacific region. Visit Equifax.com for more information.
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Enhancing Global Consumer Credit Trends in 2024: Insights and Analysis
As 2024 drew to a close, the global economy experienced significant shifts in consumer credit trends. With GDP growth, interest rate adjustments, and varying credit demands across different regions, Equifax’s data provides valuable insights into the evolving landscape of consumer credit. Let’s delve deeper into the key highlights and trends observed in 2024.
GDP Growth and Interest Rate Adjustments
In December 2024, the European Central Bank made the decision to reduce interest rates, signaling a strategic move in response to economic conditions. This adjustment came at a time when Gross Domestic Product (GDP) showed a 0.8% quarter-over-quarter growth and a 3.2% year-over-year increase. These figures reflect the dynamic nature of the global economy and the measures taken to navigate changing financial landscapes.
Consumer Credit Demand and Market Behavior
Equifax’s data revealed that consumer credit demand remained steady on a global scale, despite economic pressures pushing consumers towards unsecured credit options. This trend underscores the resilience of consumer behavior in the face of evolving financial circumstances. Additionally, the mortgage market witnessed controlled returns, indicating a measured approach to market dynamics.
Regional Insights: Canada, Argentina, and Brazil
Canada’s mortgage market showed signs of recovery, with a notable 39% year-over-year increase in new mortgage originations. This uptick in activity points towards a positive trajectory for the Canadian housing market. In Argentina, demand continued on a favorable path throughout 2024, with a noticeable upward trend towards the year’s end. Meanwhile, Brazil experienced stable credit demand in the fourth quarter, maintaining consistency compared to the previous quarter.
Looking Ahead: Key Takeaways and Recommendations
As consumer credit markets continue to evolve globally, it is essential to monitor consumer credit behavior and inflation trends closely. Equifax’s comprehensive reports offer valuable insights from various regions, enabling stakeholders to make informed decisions based on real-time data. By staying informed and proactive, businesses and individuals can navigate the complex landscape of consumer credit effectively.
In conclusion, the global consumer credit trends observed in 2024 reflect a dynamic and ever-changing financial environment. With GDP growth, interest rate adjustments, and regional variations in credit demand, Equifax’s data provides a holistic view of the evolving consumer credit landscape. By leveraging these insights, businesses and policymakers can adapt to emerging trends and drive sustainable financial growth in the years to come. Stay informed, stay proactive, and embrace the opportunities that lie ahead.
