November 2023 Credit Industry Snapshot

The document is a report detailing the November 2023 Credit Industry Snapshot by TransUnion. It outlines significant trends in consumer-level delinquency rates, which have increased across various products for the fourth consecutive month. The report highlights that job market strength and growth in real wages have helped consumers manage rising debt obligations, with 199,000 jobs created in November, contributing to a decrease in the unemployment rate to 3.7%. The labor force participation rate also reached its highest level since the pandemic at 62.8%. Despite positive economic indicators, consumer sentiment remains low due to elevated inflation and higher interest rates, as reflected in the University of Michigan’s Index of Consumer Sentiment. The report provides month-over-month comparisons, indicating increases in serious delinquency rates and average balances across different credit products, including auto loans, bankcards, and mortgages. It concludes with insights based on TransUnion research data to guide lending strategies.