Consumer Credit Market Size
| Study Period | 2019 - 2030 |
| Market Size (2025) | USD 13.39 Billion |
| Market Size (2030) | USD 17.41 Billion |
| CAGR (2025 - 2030) | 5.38% |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
Consumer Credit Market Analysis
The Consumer Credit Market size is estimated at USD 13.39 billion in 2025, and is expected to reach USD 17.41 billion by 2030, at a CAGR of 5.38% during the forecast period (2025-2030).
- The consumer credit market is experiencing significant growth, driven by various factors including demographic changes, technological advancements, and evolving consumer preferences. The surge in e-commerce and digital payment platforms has notably influenced credit demand, especially among younger consumers who favor digital credit solutions.
- Credit reporting agencies are pivotal in this market, offering credit scores and reports that lenders rely on to gauge individual creditworthiness. Innovations in credit scoring and the incorporation of alternative data are reshaping lending choices. Additionally, the burgeoning popularity of buy now pay later (BNPL) services is reshaping the consumer credit arena, particularly in online and retail purchases, allowing consumers to buy now and pay later, often interest-free.
- In October 2023, Mastercard teamed up with Instacart and Peacock, enhancing everyday value and convenience for consumers. Mastercard’s U.S. credit card offerings grant cardholders access to over USD 60 billion in rewards and benefits, with new collaborations ensuring value in frequently visited spending areas.
- Financial institutions are diversifying their personal loan offerings, catering to needs like debt consolidation, home improvements, and medical expenses. For example, in July 2023, Jenius Bank introduced personal loans aimed at helping customers save on high-rate debts, featuring flexible terms and discounted rates. Such initiatives underscore the strategies propelling the consumer credit market's expansion.
- However, rising interest rates have escalated borrowing costs, dampening consumer confidence and curbing loan demand. This trend is especially evident in Europe, where 2023 saw a 6.5% dip in new consumer credit lending from the previous year, attributed to soaring financing costs and economic uncertainties.
- Post-COVID, the consumer credit landscape has been reshaped by economic, behavioral, and regulatory dynamics. Following a sharp pandemic-induced slump, consumer credit witnessed a robust rebound. By FY2022-23, bank credit growth averaged 18%, largely fueled by surges in consumer lending and MSME loans, bolstered by government initiatives like the Extended Credit Line Guarantee Scheme (ECLGS).
Consumer Credit Market Trends
Credit Card to Hold Significant Market Demand
- Debit cards remain the dominant choice for payments, constituting 10 out of 35 transactions and capturing a 28% share of card payments. As of February 2023, 32% of users opted for physical credit cards, while virtual credit card users accounted for a mere 4%, both figures trailing behind debit card usage (source: Forbes, Inc.). However, credit card usage is poised for a notable uptick.
- Credit cards find favor with 96% of college graduates, and 52% of users are school students. In 2023, the predominant credit card holders are Asian Americans (93%) and Caucasian Americans (88%).
- Forbes reports highlight that a striking 98% of credit card users boast an annual income exceeding USD 100,000. Globally, Visa commands a formidable 71% share of the credit card market. Delving into racial and ethnic disparities, 87% of white adults own credit cards, with nearly 44% having carried a balance at least once in the past year. In contrast, over 90% of Asian adults possess credit cards, but only half have carried a balance in 2023.
- According to a report on the economic well-being of US households, approximately 84% of adults hold credit cards. 2023 statistics reveal that the average American possesses at least three credit cards.
- Industry studies reveal that 41% of credit card holders utilize the cashback feature. Additionally, 14% gravitate towards the most popular credit cards, 9% prioritize low interest rates, and 5% opt for cards with minimal fees. Notably, 6% express a preference for credit cards offering travel rewards.
- Post-pandemic, as individuals tighten their budgets, average credit card balances have seen a decline. These insights underscore the pervasive role of credit cards in financial lives and their anticipated continued prominence.
North America is Expected to Hold a Major Share of the Market
- In North America, especially in the U.S., consumer credit trends reveal significant insights into financial behaviors. According to Experian, in 2023, U.S. consumer debt hit USD 17.1 trillion, a 4.4% rise from USD 16.38 trillion in 2022. This uptick was more subdued compared to the 7% jump seen from 2021 to 2022.
- Experian also notes that credit card debt played a pivotal role in this surge, with balances soaring by 17.4% in 2023. On average, individuals carried credit card balances surpassing USD 6,500.
- In the U.S., surging inflation and climbing interest rates have intensified financial strains on consumers, leading to heightened debt levels and more missed payments. Reflecting this trend, the average credit utilization rate climbed to 35%, underscoring a growing reliance on credit cards.
- Federal Reserves data reveals that in September 2024, consumer credit saw a USD 6 billion uptick, a dip from August's USD 8.93 billion rise and trailing the expected USD 14.5 billion increase. The annual growth rate for consumer credit stood at 1.4%. Within this, revolving credit (like credit cards) grew by 2.8%, while non-revolving credit (encompassing auto and student loans) saw a 3.4% increase.
- In Canada, credit participation is on the rise, especially among newcomers and Generation Z. This trend is driving an uptick in overall credit demand. The Canadian consumer credit landscape is marked by escalating debt levels, yet a declining debt-to-income ratio, hinting at intricate dynamics shaped by economic forces.
Consumer Credit Industry Overview
The Consumer Credit market is highly competitive and fragmented, primarily driven by the presence of major players. These key players employ strategies such as mergers, acquisitions, and product innovations to maintain a competitive edge and broaden their global footprint. Key player include Equifax, Inc., Experian plc, TransUnion LLC and others.
The consumer credit market is poised for continued growth, driven by technological advancements and changing consumer behaviors. As financial institutions adapt to these trends, they are likely to introduce innovative products that cater to the evolving needs of consumers, ensuring robust market dynamics in the coming years.
Consumer Credit Market Leaders
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Equifax, Inc.
-
Experian plc
-
TransUnion LLC
-
CRIF High Mark
-
American Express Company
- *Disclaimer: Major Players sorted in no particular order
Consumer Credit Market News
- October 2024: Experian, a global leader in consumer credit reporting, has joined forces with Oakbrook, a prominent non-bank consumer lender, to provide innovative debt consolidation loans. This strategic partnership leverages Paylink’s ReFi technology, hosted on the Experian Marketplace, aiming to enhance financial inclusion and improve consumer access to credit services.
- October 2024: MoneyLion, a digital consumer finance platform, has partnered with TransUnion to increase the personalisation of financial services for consumers. The partnership is designed to integrate TransUnion’s industry-leading data and credit solutions into MoneyLion’s hosted credit-decisioning platform.
Consumer Credit Industry Segmentation
Consumer credit is the term used to define an unsecured debt that was taken to purchase goods and services. It is used to finance the purchase of commodities or services for personal consumption or to refinance debts incurred for such purposes.
The consumer credit market is segmented by payment method (direct deposit, debit card, other payment method), by credit type (revolving credits, non-revolving credits), by issuer (banks and finance companies, credit unions, other issuers), by geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Payment Method | Direct Deposit |
| Debit Card | |
| Other Payment Method | |
| By Credit Type | Revolving Credits |
| Non-Revolving Credits | |
| By Issuer | Banks and Finance Companies |
| Credit Unions | |
| Other Issuers | |
| By Geography*** | North America |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Latin America | |
| Middle East and Africa |
| Direct Deposit |
| Debit Card |
| Other Payment Method |
| Revolving Credits |
| Non-Revolving Credits |
| Banks and Finance Companies |
| Credit Unions |
| Other Issuers |
| North America |
| Europe |
| Asia |
| Australia and New Zealand |
| Latin America |
| Middle East and Africa |
Consumer Credit Market Research Faqs
How big is the Consumer Credit Market?
The Consumer Credit Market size is expected to reach USD 13.39 billion in 2025 and grow at a CAGR of 5.38% to reach USD 17.41 billion by 2030.
What is the current Consumer Credit Market size?
In 2025, the Consumer Credit Market size is expected to reach USD 13.39 billion.
Who are the key players in Consumer Credit Market?
Equifax, Inc., Experian plc, TransUnion LLC, CRIF High Mark and American Express Company are the major companies operating in the Consumer Credit Market.
Which is the fastest growing region in Consumer Credit Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Consumer Credit Market?
In 2025, the North America accounts for the largest market share in Consumer Credit Market.
What years does this Consumer Credit Market cover, and what was the market size in 2024?
In 2024, the Consumer Credit Market size was estimated at USD 12.67 billion. The report covers the Consumer Credit Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Consumer Credit Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
Consumer Credit Industry Report
Statistics for the 2025 Consumer Credit market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Consumer Credit analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
