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Equifax: Consumer Credit Levels Up 30 Percent

 

Dec 20 - According to Equifax's latest National Consumer Credit Trends Report, consumer credit originated year-to-date through September 2012 has increased nearly 30 percent to $675 billion from $523 billion during the same timeframe in 2010. Comparatively, credit originations today are below the 2006-2007 pre-recession levels of about $1 trillion by about one-third.

Of note, balances on consumer credit originated over the past two years represents about 32 percent of outstanding balances, but only comprises slightly less than 6 percent of total delinquent balances, reflecting better underwriting and more responsible consumer payment behavior. In turn, consumer finance write offs have declined more than 53 percent to $70.9 billion year-to-date through November 2012, after peaking at $151.8 billion during the same timeframe in 2009.

"Consumer spending is being supported by gradually opening credit markets, with higher new limits on accounts, a gradual upward trend in non-mortgage consumer debt outstanding, and also consistently low utilization rates," said Equifax Chief Economist Amy Crews Cutts. "Meanwhile, consumer finance delinquency rates, not including home loans, have returned to pre-recession levels all signs that the consumer-led recovery is gaining strength heading into 2013."

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About Equifax Inc.
Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 500 million consumers and 81 million businesses worldwide, and uses advanced analytics and proprietary technology to create and deliver customized insights that enrich both the performance of businesses and the lives of consumers.

Headquartered in Atlanta, Equifax operates or has investments in 18 countries and is a member of Standard & Poor's 500 Index. Its common stock is traded on the New York Stock Exchange under the symbol EFX. For more information, please visit www.equifax.com.



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