Executive Summary

Here are the top 3 trends from 2025:

Mortgage Demand Up, Credit Card Accounts Decrease

Mortgage demand saw a consistent 5% YoY increase in Australia for 1H’25, largely due to two rate cuts. Refinancing and upgrading existing mortgages were the primary drivers of this activity, while new mortgage originations are anticipated to rise later. Proactive debt consolidation accelerated in 2025, leading to a net decrease of 4.2% in active credit card accounts YoY.

Delinquency levels stabilize; financial gaps continue to widen for some

The Canadian overall delinquency rate shows early signs of stabilization, with 7K fewer Canadians missing a payment QoQ. However, the number of people missing payments is still 118K higher YoY.

Generation Z and late Millennials are facing significant financial pressure, with their average non-mortgage debt rising and credit card and auto loan delinquency rates climbing by almost 20% YoY, highlighting a growing age-based divide.

Most delinquencies are down, with mortgage giving mixed signals

In the US, non-mortgage delinquencies continue to fall year over year mostly due to an 8% decrease in installment loans, while auto delinquencies remain flat. Credit card 90+ day delinquency continues to decrease, in both dollars (5%) and number of accounts (6%), similar to late 2023/early 2024. However, mortgage balance delinquencies continue to climb to almost reach pre-pandemic levels. Mortgage delinquent accounts are also increasing but not as sharply.
Glossary of Common Terms & Sources

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