October 2023 Credit Industry Snapshot Report

The document is a report detailing the findings of TransUnion's October 2023 Credit Industry Snapshot. It outlines the increase in serious consumer-level delinquency rates across various credit products, alongside rising average balances for each product type. Despite these increases, the economy showed resilience with a GDP growth of 4.9% in Q3 2023, driven by consumer spending and a strong job market, which has seen 34 consecutive months of job growth and a low unemployment rate of 3.9%. The report indicates that while wage growth has outpaced inflation for six months, the Federal Reserve's interest rate hikes are expected to slow economic growth in the coming quarters. The report also provides month-over-month comparisons, highlighting trends in delinquency rates and average balances for auto loans, bankcards, mortgages, and unsecured personal loans. It emphasizes the importance of these insights for guiding lending strategies in the current economic climate.