A new report from credit agency TransUnion has shed light on the market for financial products in Canada. In the course of your approach to better financial planning, have you moved away from credit cards and toward lower-interest-rate or more flexible options? In that case, you reflect a growing trend among Canadian consumers.
TransUnion found that instalment loan balances rose three percent in the last year, with a corresponding increase in the number of instalment loan accounts of seven percent over the same time frame.
Delinquency rates (90+ daysÂ delinquent) for instalment loans also saw the biggest drop of all credit products, declining nearly 15%.Â From a delinquency standpoint, consumers are performing exceptionally well.
Consumers are shifting toward financial products that are more attuned to their personal needs, generally trending toward lower interest rates as opposed to the fixed rate and payment structure of many credit cards.
At Progressa, we have designed instalment loans that are built around you. We hope to help Canadian consumers avoid the pitfalls of extensive spending on credit, and set up a sustainable financial plan backed by access to the money you need – without creating a drain on your finances.