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52 | M REPORT O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T THE LATEST DATA TransUnion Releases the Q4 2022 Quarterly Credit Industry Insights Report In Q4 2022, many consumers continued to look to credit as a means to help stave off financial pressures caused by inflation. A midst an economic environment of ris- ing interest rates and high inflation, Q 4 of 2022 saw consumers continu- ing to look to credit as a means to help stave off these finan- cial pressures. Unveiled today, TransUnion's Q 4 2022 Quarterly Credit Industry Insights Report (CIIR) shows that whether it is Gen Z consumers opening credit cards, homeowners tak- ing out home equity lines of credit (HELOCs) or consumers continuing to turn to unsecured personal loans, more and more borrowers are looking to a range of credit products to cope with the financial pressures of today and better position themselves for the evolving financial land- scape. An example of increased credit usage: credit card balances con- tinued to grow, reaching record levels at the end of 2022. Bankcard originations were also up year over year (YoY) in Q 3 2022 (the most recent originations data available), from 20.1 million in Q 3 2021 to 21.6 million. Gen Z con- sumers, in particular, increasingly continued to turn to bankcards, showing YoY growth in both balances (up 64% YoY in Q 4 2022) and originations (up 18.8% YoY in Q 3 2022). Somewhat concerning is an upward trend in credit card delinquencies in both bank- card and private label; however, context is required. Delinquencies for bankcards in Q 4 2022 are still hovering around pre-pandemic levels observed in 2019 while private label card delinquencies remain below pre-pandemic levels. While higher interest rates dampened new and refinance mortgage originations in Q 3 2022, homeowners continued eagerly tapping into their record stores of home equity to help in consoli- dating their high interest debt. In fact, the most recent origina- tion figures from Q 3 2022 show that HELOCs and home equity loans (HELOANs) continued to be a popular option in Q 3 2022. Consumers are also still seeking out unsecured personal loans as a way to pay off high interest debt and, despite growing delinquency rates among borrowers, lend- ers remain eager to lend, albeit seemingly with adjustments in their lending criteria that includes a gradual shift away from below prime borrowers.