man looking at loan growth opportunities Source: Shutterstock.

Following a two-year streak of strong growth in nearly all loan originations – one in which a broader and more diverse array of consumers gained access to credit – the auto finance, credit card, mortgage and personal loan markets are likely to slow down in 2023, under the weight of higher interest rates and continued higher than normal inflation.

But this doesn’t necessarily mean stagnation when it comes to lending. Despite a challenging macroeconomic environment, consumers remain optimistic about the economy as a whole. TransUnion’s recent Consumer Pulse study found that more than half (52%) of Americans are optimistic about their financial future during the next 12 months. The youngest generations – millennials (64%) and Gen Z (61%) – are most optimistic.

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