Total debt reaches high of $2.24 trillion in second quarter, an increase of 9.2% from last year, TransUnion says
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The number of people with debt has also risen, and is up 2.1 per cent year over year, and up 2.5 per cent from late-2019 levels. “We’ve seen an increase in minimum payment amounts of up to 10 per cent in the first half of 2022, depending on the combination of products consumers hold, along with a slight deterioration in payment behaviours,” Matt Fabian, TransUnion’s director of financial services research and consulting, said in a press release.
“A proportion of vulnerable consumers who do not have the capacity to meet these increased payments may face the additional impacts of the current interest rate environment escalating before it recedes, setting them up for a sustained period of payment shock,” Fabian said.
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