New research across global markets from TransUnion has found that those consumers who make payments in excess of the minimum due are consistently less risky across multiple credit products. TransUnion’s research, which analyzed consumers in Canada, Hong Kong and the United States, determined that the more consumers pay over their minimum payment due for credit cards or other revolving lines of credit, the less likely they are to go delinquent. A new TransUnion survey confirmed that the far majority of Canadians pay more than the minimum due on their credit card balances.Download the full report
of respondents indicated that they more often pay a greater amount than their minimum due on their revolving debts each month.
are uncertain about the importance or benefits of paying off an increasingly greater amount.
– Todd Skinner, president of TransUnion Canada