US EditionYoung people, newcomers fuel new debt growth: TransUnion report
- On May 28, 2025, TransUnion revealed that Canada's total outstanding debt increased by 4.7 percent compared to the previous year, reaching $2.5 trillion during the first quarter.
- This debt increase occurred mainly because young people, especially Gen Z, and newcomers increased their borrowing significantly during this period.
- The report also showed that delinquencies, or missed payments, rose 11 basis points to 2.7 percent, driven chiefly by new-to-credit and subprime consumers.
- Matt Fabian, TransUnion Canada’s director of financial services research, noted that increasing debt levels among high-risk borrowers highlight an important time for lenders to update their approaches to managing risk.
- These findings highlight rising credit risks among young and higher-risk borrowers, prompting lenders to reconsider how they manage credit risk.
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Young people, newcomers fuel new debt growth: TransUnion report
Breaking News, Sports, Manitoba, Canada
·Winnipeg, Canada
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