TransUnion’s Q4 2024 Consumer Pulse study, released on January 7, 2025, found that over a quarter (26%) of Canadians anticipate not being able to pay at least one of their current bills and loans in full. This figure rises to 35% for Millennials, who hold the largest share of Canadian debt at $911 billion.
Despite these financial concerns, more than one in five (22%) Canadians plan to take on additional credit or refinance existing credit in the next year, with 43% of those intending to apply for a new credit card. This indicates a complex consumer landscape where financial strain coexists with a continued appetite for credit.
Matthew Fabian, director of financial services research and consulting at TransUnion Canada, noted that while economic indicators suggest some relief in 2025, many consumers are still navigating challenges from high interest rates. The study underscores the importance for lenders to monitor vulnerable consumers and adapt strategies to evolving financial needs.
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