While consumer credit in Canada should see gross lending increase in current value terms throughout the forecast period, growth is projected to slow steadily from 2023 onwards. Growth will initially be tempered by the gradual exhaustion of pent-up demand as spending patterns stabilise with the further easing of the pandemic.
Growth in the overall outstanding balance on consumer credit is expected to slow gradually from 2023 onwards. This is partly because rising interest rates will encourage some consumers to try to pay down debt faster.
Card lending is expected to see gross lending grow fastest in current value terms over the forecast period. Growth will be mainly fuelled by the use of credit cards, which are traditionally popular among Canadians due to their flexible repayment terms.
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Non-mortgage consumer debt extended to individuals for personal or household use including installment loans and credit cards. Examples of consumer credit include auto lending, card lending, durables lending, education lending, home lending and other personal loans. Consumer credit includes both revolving and non-revolving credit.See All of Our Definitions
This report originates from Passport, our Consumer Credit research and analysis database.
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