Surging inflation may have given rise to increased consumer demand for new credit for four consecutive quarters in 2022, according to a consumer pulse study conducted by Trans Union LLC.
SURGING inflation may have given rise to increased consumer demand for new credit for four consecutive quarters in 2022, according to a consumer pulse study conducted by Trans Union LLC.
Meanwhile, the study also noted rising interest rates affected consumers’ decisions on applying for new credit in 2023. In the fourth quarter last year, 46 percent of respondents indicated rising interest rates “highly impacted” whether or not they would apply for new credit, up four pps from the third quarter.
Among those seeking new credit, the study noted that 53 percent opt for personal loans and 39 percent for credit cards, topping consumer credit products.WITH this, Amrita Mitra, chief operating officer of TransUnion’s Philippine business, underscored the need to advance financial inclusion as the Philippines looks to sustain its growth momentum “against the backdrop of global economic uncertainties.
Meanwhile, additional study results show that inflation remains the top concern for the fourth consecutive quarter, with 82 percent being “very or extremely” concerned about the inflation rate, three points higher than last quarter.
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