Decline in consumer credit demand driven by a continued fall in credit card applications despite steady growth in personal loans. Mortgage demand decline continues.
Overall consumer credit applications fell -7.1% (vs March qtr 2018):
- Credit card application decline has accelerated over last four quarters at -19.0% (vs March qtr 2018)
- Personal loan applications continued growth, largely driven by Alternative Lenders up 5% (vs March qtr 2018)
Mortgage applications fell for the eighth consecutive quarter, down -14.0% (vs March qtr 2018)
Business credit demand drops 10.15% - predominantly driven by asset finance
Overall business credit applications dropped 10.15% (vs March qtr 2018)
- Business loan applications decreased by -1.88% (vs March qtr 2018)
- Trade Credit applications dropped by -3.58% (vs March qtr 2018)
- Asset Finance applications fell by -25.92% (vs March qtr 2018)
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Business credit demand slows despite growth in asset finance
Overall business credit applications fell -3.34% (vs December qtr 2017)
- Business loan applications decreased by -5.14% (vs December qtr 2017)
- Trade Credit applications dropped by -6.05% (vs December qtr 2017)
- Asset Finance applications have grown by 1.75% (vs December qtr 2017)
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No change in overall consumer credit demand decline. Trend continues with decline in credit cards and personal loan growth remains steady. Mortgage demand continues to decline.
- Overall consumer credit applications fell -4.1% (vs December qtr 2017)
- Credit card applications have declined significantly at -12.2% (vs December qtr 2017)
- Personal loan applications rose slightly, up by +2.5% (vs December qtr 2017)
- Mortgage applications fell for the seventh consecutive quarter, down -15.6% (vs December qtr 2017)
Consumer Credit Demand Index by Equifax, December Quarter 2018