This growth was primarily led by the rising consumer credit participation as balances and the number of consumers in the credit market have continued to grow. Source: TransUnion Canada consumer credit database. Canadians feel confident about leveraging credit to cope with rising cost of debt and living As the number of consumers accessing credit grows in line with shifts in the country's population, the increased cost of living along with rising cost of credit due to higher interest rates has also pushed Canadian consumers' average credit balance to grow YoY. Table 1: Average balances increase YoY Source: TransUnion Canada consumer credit database Balance increases in secured loans (auto finance and home finance) were primarily driven by increased average new loan.