Balances and Delinquencies Begin to Stabilize Across Many Credit Products
The Q3 2024 TransUnion Credit Industry Insights Report highlights a stabilization in consumer credit balances across various products. While credit card and unsecured personal loan balances grew, the pace has slowed significantly. Credit card balances increased by 6.9% YoY to $1.06 trillion, compared to a 15% increase the previous year. Unsecured personal loans saw a 3.6% YoY increase to $249 billion, down from 14.8% the year before.
Delinquencies also showed signs of stabilization. Credit card delinquencies rose by 9 bps to 2.43%, while unsecured personal loan delinquencies declined by 25 bps to 3.5%. Auto loan delinquencies grew more slowly, up by 7 bps to 1.6%.
Mortgage originations remained flat YoY, with delinquencies ticking up to 1.22%. Auto loan originations were stable, and monthly car payments stabilized, with new car payments averaging $745 and used car payments at $526.
Il Rapporto sulle Intuizioni del Settore Creditizio di TransUnion per il Q3 2024 evidenzia una stabilizzazione nei saldi di credito dei consumatori attraverso vari prodotti. Sebbene i saldi delle carte di credito e dei prestiti personali non garantiti siano cresciuti, il ritmo è rallentato in modo significativo. I saldi delle carte di credito sono aumentati del 6,9% su base annua, raggiungendo 1,06 trilioni di dollari, rispetto a un incremento del 15% dell'anno precedente. I prestiti personali non garantiti hanno visto un incremento del 3,6% su base annua a 249 miliardi di dollari, in calo rispetto al 14,8% dell'anno scorso.
Anche i tassi di insolvenza hanno mostrato segni di stabilizzazione. I tassi di insolvenza delle carte di credito sono aumentati di 9 punti base, raggiungendo il 2,43%, mentre quelli dei prestiti personali non garantiti sono diminuiti di 25 punti base, attestandosi al 3,5%. I tassi di insolvenza per i prestiti auto sono aumentati più lentamente, con un incremento di 7 punti base, arrivando all'1,6%.
Le origini dei mutui sono rimaste stabili su base annua, con i tassi di insolvenza che sono aumentati all'1,22%. Le origini dei prestiti auto sono rimaste stabili e i pagamenti mensili per le auto si sono stabilizzati, con i nuovi pagamenti per le auto che mediamente ammontano a 745 dollari e i pagamenti per le auto usate a 526 dollari.
El Informe de Perspectivas de la Industria Crediticia de TransUnion del Q3 2024 destaca una estabilización en los saldos de crédito de los consumidores en varios productos. Si bien los saldos de las tarjetas de crédito y los préstamos personales no garantizados aumentaron, el ritmo ha disminuido significativamente. Los saldos de las tarjetas de crédito crecieron un 6.9% interanual a $1.06 billones, en comparación con un aumento del 15% el año anterior. Los préstamos personales no garantizados vieron un aumento del 3.6% interanual a $249 mil millones, por debajo del 14.8% del año pasado.
Las morosidades también mostraron signos de estabilización. Las morosidades de las tarjetas de crédito aumentaron en 9 puntos básicos a 2.43%, mientras que las morosidades de los préstamos personales no garantizados disminuyeron en 25 puntos básicos a 3.5%. Las morosidades de los préstamos automotrices crecieron más lentamente, aumentando en 7 puntos básicos a 1.6%.
Las originaciones de hipotecas se mantuvieron estables interanualmente, con las morosidades subiendo al 1.22%. Las originaciones de préstamos automotrices fueron estables, y los pagos mensuales de automóviles se estabilizaron, con los nuevos pagos de automóviles promediando $745 y los pagos de automóviles usados en $526.
2024년 3분기 TransUnion 신용 산업 통찰력 보고서는 다양한 상품에서 소비자 신용 잔액의 안정성을 강조합니다. 신용 카드 및 무담보 개인 대출 잔액이 증가했으나, 증가 속도는 크게 둔화되었습니다. 신용 카드 잔액은 전년 대비 6.9% 증가하여 1.06조 달러에 도달했고, 이전 해에는 15% 증가했습니다. 무담보 개인 대출은 전년 대비 3.6% 증가하여 2490억 달러에 이르렀고, 이는 지난해의 14.8%에서 감소한 수치입니다.
연체율 또한 안정세를 보였습니다. 신용 카드 연체율은 9bp 증가하여 2.43%에 이르렀고, 무담보 개인 대출의 연체율은 25bp 감소하여 3.5%로 나타났습니다. 자동차 대출 연체율은 7bp 증가하여 1.6%로 증가했습니다.
주택 융자 발생량은 전년 대비 평탄하게 유지되었으며, 연체율은 1.22%로 증가했습니다. 자동차 대출 발생량은 안정적이었고, 월별 자동차 지불액은 안정세를 보였으며, 신규 자동차 지불액은 평균 745달러, 중고차 지불액은 526달러에 달했습니다.
Le Rapport sur les Perspectives des Industries de Crédit de TransUnion pour le T3 2024 met en lumière une stabilisation des soldes de crédit consommateurs à travers divers produits. Bien que les soldes des cartes de crédit et des prêts personnels non garantis aient augmenté, le rythme a considérablement ralenti. Les soldes des cartes de crédit ont augmenté de 6,9 % par rapport à l'année précédente, atteignant 1,06 trillion de dollars, contre une augmentation de 15 % l'année précédente. Les prêts personnels non garantis ont enregistré une augmentation de 3,6 % par rapport à l'année précédente, atteignant 249 milliards de dollars, en baisse par rapport à 14,8 % l'année précédente.
Les délinquances ont également montré des signes de stabilisation. Les délinquances de cartes de crédit ont augmenté de 9 points de base pour atteindre 2,43 %, tandis que les délinquances des prêts personnels non garantis ont diminué de 25 points de base, s'établissant à 3,5 %. Les délinquances des prêts automobiles ont augmenté plus lentement, avec une hausse de 7 points de base, atteignant 1,6 %.
Les origines de prêts hypothécaires sont restées stables d'une année sur l'autre, avec un taux de délinquance passant à 1,22 %. Les origines de prêts automobiles sont restées stables, et les paiements mensuels pour les voitures se sont stabilisés, les paiements pour les voitures neuves s'élevant en moyenne à 745 dollars et les paiements pour les voitures d'occasion à 526 dollars.
Der TransUnion Kreditindustrie-Insights-Bericht für das Q3 2024 hebt eine Stabilisierung der Verbraucher-Kreditlinien in verschiedenen Produkten hervor. Während die Salden von Kreditkarten und ungesicherten persönlichen Darlehen gestiegen sind, hat sich das Wachstum erheblich verlangsamt. Die Kreditkartensalden stiegen im Jahresvergleich um 6,9% auf 1,06 Billionen Dollar, verglichen mit einem Anstieg von 15% im Vorjahr. Ungesicherte persönliche Darlehen verzeichneten einen Anstieg von 3,6% im Jahresvergleich auf 249 Milliarden Dollar, nach 14,8% im Vorjahr.
Die Zahl der Zahlungsverzüge zeigte ebenfalls Anzeichen der Stabilisierung. Die Zahl der Zahlungsverzüge bei Kreditkarten stieg um 9 Basispunkte auf 2,43%, während die Zahl der Zahlungsverzüge bei ungesicherten persönlichen Darlehen um 25 Basispunkte auf 3,5% sank. Die Zahlungsverzüge von Autokrediten wuchs langsamer, und zwar um 7 Basispunkte auf 1,6%.
Die Hypothekenneugeschäfte blieben im Jahresvergleich stabil, während die Zahlungsverzüge auf 1,22% anstiegen. Die Autokreditvergaben waren stabil, und die monatlichen Autozahlungen stabilisierten sich mit neuen Autopreisen von im Durchschnitt 745 Dollar und gebrauchten Autopreisen von 526 Dollar.
- Credit card balances grew by 6.9% YoY to $1.06 trillion.
- Unsecured personal loan balances increased by 3.6% YoY to $249 billion.
- Unsecured personal loan delinquencies declined by 25 bps to 3.5%.
- Auto loan originations remained stable, with a slight YoY increase of 0.7%.
- Credit card delinquencies rose by 9 bps to 2.43%.
- Mortgage delinquencies increased to 1.22%, up 27 bps from the previous year.
- Auto loan delinquencies grew by 7 bps to 1.6%.
Insights
The Q3 credit trends reveal significant shifts in consumer credit behavior, with key metrics showing a notable slowdown in balance growth and delinquency rates. Credit card balance growth decelerated to
The stabilization in delinquency rates, particularly in credit cards (
The shift in lending patterns reveals strategic adaptations by financial institutions. Super prime originations in personal loans grew
The mortgage market's response to the Fed's recent rate reduction will be crucial, particularly for refinancing activity, which remains low at
Q3 2024 TransUnion Credit Industry Insights Report explores the latest credit trends
CHICAGO, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Consumer credit balances continued to grow across all credit products during the third quarter of 2024, but in many cases, that growth has slowed. These are among the findings from the newly released Q3 2024 Quarterly Credit Industry Insights Report (CIIR) from TransUnion (NYSE: TRU). The findings point to a level of stabilization in the consumer credit market which may signal a return to more typical credit use patterns across many lending products.
The report reveals that after a period of rapid balance growth across a range of credit products, in particular credit cards and unsecured personal loans, balance growth has slowed. While both credit products saw year-over-year (YoY) growth of approximately
“The moderated growth in balances is likely the result of a number of factors in combination,” said Michele Raneri, vice president and head of U.S. research and consulting at TransUnion. “For example, looking at credit cards, lenders in many cases have tightened underwriting standards which may have resulted in lending to borrowers less likely to grow balances quickly. In addition, as inflation has returned to more normal levels in recent months, it has also meant consumers may be less likely to rely on these credit products to make ends meet.”
Balances Are Growing More Slowly Than One Year Prior
| Q3 2024 | YoY % Change | Q3 2023 | YoY % Change | |
| Credit Card | + | + | ||
| Unsecured Personal Loans | + | + | ||
The report also found that YoY growth in delinquency has moderated across most credit products. Credit cards and auto saw slower YoY growth in delinquency as compared to one year prior, while unsecured personal growth saw a steeper rate of decline.
Delinquencies Are Declining, or Growing More Slowly, Across Many Credit Products
| Q3 2024 | YoY Change | Q3 2023 | YoY Change | |
| Credit Card – Borrower-Level Delinquency Rate (90+ DPD) | +9 bps | +40 bps | ||
| Unsecured Personal Loans – Borrower-Level Delinquency Rate (60+ DPD) | -25 bps | -14 bps | ||
| Auto – Consumer-Level Delinquency Rate (60+ DPD) | +7 bps | +24 bps | ||
To learn more about the latest consumer credit trends, register for the Q3 2024 Quarterly Credit Industry Insights Report webinar. Read on for more specific insights about credit cards, personal loans, auto loans and mortgages.
Key card metrics begin to stabilize as balance and delinquency growth slows
Q3 2024 CIIR Credit Card Summary
A number of metrics associated with credit cards show a moderation of growth when compared to recent quarters. One instance can be found in the growth of balances. YoY growth of credit card balances for Q3 2024 was
Instant Analysis
“We appear to be moving from higher balance and delinquency growth observed between Q3 2021 and Q3 2023 to a slower growth environment. On the consumer front, lower inflation in recent quarters, combined with continued wage gains for consumers, may be driving consumers toward a financial equilibrium where they balance their monthly expenses and their monthly budget. Increased lender discretion is playing a role in this slowdown, resulting in a decrease in new credit card originations. The origination decline is most likely a response to the 90-day delinquency number remaining higher than observed in over a decade.”
- Paul Siegfried, senior vice president and credit card business leader at TransUnion
Q3 2024 Credit Card Trends
| Credit Card Lending Metric (Bankcard) | Q3 2024 | Q3 2023 | Q3 2022 | Q3 2021 |
| Number of Credit Cards (Bankcards) | 554.5 million | 537.9 million | 510.9 million | 472.4 million |
| Borrower-Level Delinquency Rate (90+ DPD) | ||||
| Total Credit Card Balances | ||||
| Average Debt Per Borrower | ||||
| Number of Consumers Carrying a Balance | 171.4 million | 168.6 million | 163.9 million | 155.7 million |
| Prior Quarter Originations* | 18.8 million | 20.5 million | 21.3 million | 19.0 million |
| Average New Account Credit Lines* |
*Note: Originations are viewed one quarter in arrears to account for reporting lag.
For more credit card industry information, click here for episodes of Extra Credit: A Card and Banking Podcast by TransUnion.
Click here for a Q3 2024 credit card industry infographic.
Originations grow and delinquencies decline as lenders continue shift to lower-risk borrowers
Q3 2024 CIIR Unsecured Personal Loan Summary
Unsecured personal loans continued to trend positively with accelerating growth in originations and declining delinquencies. Originations for Q2 2024, the most recent quarter of data available, stood at 5.4 million, which represents YoY growth of
Instant Analysis
“The unsecured personal loan market continues to be a bright spot in the consumer lending market, showing growth with declining delinquencies. The performance improvement was driven by better subprime performance even as lenders begin to cautiously open their buy boxes. It is worth watching to see if this trend continues as lenders return to growth across risk tiers in the new year.
- Liz Pagel, senior vice president of consumer lending at TransUnion
Q3 2024 Unsecured Personal Loan Trends
| Personal Loan Metric | Q3 2024 | Q3 2023 | Q3 2022 | Q2 2021 |
| Total Balances | ||||
| Number of Unsecured Personal Loans | 29.3 million | 27.8 million | 26.4 million | 21.6 million |
| Number of Consumers with Unsecured Personal Loans | 24.2 million | 23.2 million | 22.0 million | 19.2 million |
| Borrower-Level Delinquency Rate (60+ DPD) | 3.50% | |||
| Average Debt Per Borrower | $11,652 | |||
| Average Account Balance | $8,514 | |||
| Prior Quarter Originations* | 5.4 million | 5.1 million | 6.0 million | 4.4 million |
*Note: Originations are viewed one quarter in arrears to account for reporting lag.
Click here for additional unsecured personal loan industry metrics.
Mortgage originations remain flat year-over-year as delinquencies tick up
Q3 2024 CIIR Mortgage Loan Summary
After seeing a YoY increase in the prior quarter, mortgage originations were flat YoY in Q2 2024, the latest quarter for which mortgage origination data is available, despite seeing a
Instant Analysis
“It is worth watching to see if, now that the Federal Reserve has begun lowering interest rates, the mortgage origination market may begin to see growth after a lengthy sluggish period. The year-over-year increase in delinquencies is certainly something worth monitoring. However, it’s important to note that current delinquency rates remain low in comparison to long-term measures. It remains to be seen if the aforementioned interest rate reductions and cooling inflation help stem this increase in the coming quarters.”
- Satyan Merchant, senior vice president, automotive and mortgage business leader at TransUnion
Q3 2024 Mortgage Trends
| Mortgage Lending Metric | Q3 2024 | Q3 2023 | Q3 2022 | Q3 2021 |
| Number of Mortgage Loans | 53.4 million | 52.4 million | 52.2 million | 51.2 million |
| Consumer-Level Delinquency Rate (60+ DPD) | 1.22% | |||
| Prior Quarter Originations* | 1.2 million | 1.2 million | 1.9 million | 3.5 million |
| Average Loan Amounts of New Mortgage Loans* | $352,727 | |||
| Average Balance per Consumer | $263,180 | |||
| Total Balances of All Mortgage Loans |
* Originations are viewed one quarter in arrears to account for reporting lag.
Click here for additional mortgage industry metrics. Click here for a Q3 2024 mortgage industry infographic.
Monthly car payments stabilize as originations remain flat and delinquency growth slows YoY
Q3 2024 CIIR Auto Loan Summary
While affordability remains a challenge, monthly car payments have stabilized after a sustained period of escalation. For Q3 2024, the average monthly new car payment increased by
Instant Analysis
“Despite originations remaining low relative to historical norms, there’s much to be optimistic about when looking to key auto metrics this quarter. Delinquencies, while still increasing, are growing more slowly. However, this does continue to impact loan availability. That said, interest rate declines along with more normal inventory levels and reduced prices could provide relief to consumers in this market. Leasing appears to be gaining popularity again, likely driven in part by the return of dealer incentives. This leasing option, along with the stabilization of monthly payments for new and used cars, will play key roles in solving the affordability challenges faced by many when car shopping.”
- Satyan Merchant, senior vice president, automotive and mortgage business leader at TransUnion
Q3 2024 Auto Loan Trends
| Auto Lending Metric | Q3 2024 | Q3 2023 | Q3 2022 | Q3 2021 |
| Total Auto Loan Accounts | 80.2 million | 80.4 million | 80.2 million | 82.0 million |
| Prior Quarter Originations1 | 6.4 million | 6.3 million | 6.9 million | 8.2 million |
| Average Monthly Payment NEW2 | $745 | |||
| Average Monthly Payment USED2 | $526 | |||
| Average Balance per Consumer | $24,326 | |||
| Average Amount Financed on New Auto Loans2 | $41,480 | |||
| Average Amount Financed on Used Auto Loans2 | $25,960 | |||
| Consumer-Level Delinquency Rate (60+ DPD) | 1.60% |
1Note: Originations are viewed one quarter in arrears to account for reporting lag.
2Data from S&P Global MobilityAutoCreditInsight, Q3 2024 data only for months of July & August.
Click here for additional auto industry metrics.
For more information about the report, please register for the Q3 2024 Credit Industry Insight Report webinar.
About TransUnion (NYSE: TRU)
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