TransUnion Global Consumer Payment Research

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.

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TransUnion Global Consumer Payment Research

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.

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According to a new TransUnion survey
of 1,010 consumers in Canada

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.

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Monthly Portion of Credit Card Balance Payments

Monthly Portion of Credit Card Balance Payments
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Around the World: How Do Consumers Pay Off Their Credit Cards?

Percentage of credit card holders that often pay a greater amount than their minimum due on their revolving debts each month

Monthly Portion of Credit Card Balance Payments

Percentage of credit card holders that are uncertain about the importance or benefits of paying off above the minimum balance

Monthly Portion of Credit Card Balance Payments
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Todd Skinner

Our findings, combined with the increased use of trended data, are good news for Canadian consumers, particularly those who make larger than required payments on their debts each month. Even if they can't pay the full balance, they may now find that lenders view them in a more positive light depending on the amount they do pay. We encourage the use of trended data from CreditVision and the reporting of payment behavior to ensure both lenders and consumers can benefit from these newly available insights.

Todd Skinner, president of TransUnion Canada

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