CRIF Barometer: Jamaica Credit Demand Trends 2024-2025 annual report

The CRIF Barometer – Jamaica Credit Demand Trends Annual Report 2024–2025 provides a detailed overview of how Jamaican households navigated credit demand over the past year. The report highlights a context shaped not only by economic dynamics but also by an extraordinary external shock — Hurricane Melissa — which significantly impacted financial behaviour toward the end of 2025.

Drawing on CRIF Information Bureau Jamaica data, the report analyses the main consumer credit segments — unsecured loans, mortgages, and credit cards — tracking quarterly performance, financed volumes, and borrower demographics. These insights offer a clear perspective on how individuals adapted to disruption while maintaining their commitment to recovery and future planning.

Unsecured Loans: Strong Demand Affected by External Shock

Unsecured loans remained a key financial tool for Jamaican households throughout most of 2025. Borrower numbers and contracts were stable from Q1 to Q3, with a peak in participation mid-year, reflecting consistent demand for flexible credit solutions.

However, a significant slowdown occurred in Q4, when both borrower numbers and contracts declined markedly. This drop is closely linked to the impact of Hurricane Melissa, which disrupted economic activity, reduced incomes, and limited access to financial services across the country.

Financing volumes followed a similar pattern, remaining high through the first three quarters before falling in Q4, as households shifted priorities toward essential recovery needs rather than new borrowing.

Average loan sizes remained stable throughout the year, indicating that the reduction in activity was driven more by fewer applications and approvals than by changing borrowing behavior.

From a demographic perspective, younger borrowers (aged 16–24) showed notable growth, signaling increased access to credit among youth, while the core segments remained individuals aged 35–54, who represent the backbone of household financing in Jamaica.

Mortgages: Resilient Demand Despite Market Disruptions

Mortgage activity in 2025 reflects both resilience and disruption. Demand and contracts increased steadily throughout the first three quarters, reaching their highest levels in Q3.

In Q4, however, mortgage activity declined sharply. The hurricane caused widespread damage to homes and infrastructure, delaying transactions and reducing new lending activity as property evaluations, insurance processes, and reconstruction needs took priority.

Despite the reduction in volume, average mortgage values increased and remained high toward the end of the year. This suggests that borrowers who continued with property purchases were financially stronger or less affected by the disaster, focusing on higher-value investments.

The mortgage market continues to be driven by the 25–44 age group, particularly those aged 35–44, who remain the most active segment even in challenging conditions.

Credit Cards: Contraction Driven by Risk and Infrastructure Impact

Credit card usage in Jamaica showed a clear contraction in the final part of 2025. Activity increased in Q2 but dropped sharply in Q4, reflecting both reduced consumer confidence and operational disruptions across the island, including power outages and damaged payment infrastructure.

The number of contracts followed the same trend, while total credit limits — which had expanded earlier in the year — decreased significantly in Q4. This tightening reflects a more cautious approach by financial institutions in response to rising credit risk following the hurricane.

Average credit limits remained relatively stable earlier in the year but showed adjustments toward year-end, in line with a broader strategy of risk containment.

Demographically, the core user base remains individuals aged 25–44, although all age groups experienced reduced participation, particularly those most affected by job losses and business disruption.

A Market Defined by Resilience and Recovery

As highlighted in the message from CRIF Jamaica’s General Manager, 2025 was a year that tested the resilience of Jamaican households. The decline in credit activity seen in Q4 reflects not a structural weakness, but the temporary impact of a major natural disaster.

Across all credit products, Jamaicans demonstrated adaptability — maintaining financial engagement during stable periods and shifting priorities toward recovery when needed. The data shows a population determined to rebuild, plan ahead, and move forward despite challenging circumstances.

Access the Full Report

The CRIF Barometer – Jamaica Credit Demand Trends Annual Report 2024–2025 is a valuable resource for financial institutions, policymakers, and analysts seeking a comprehensive, data-driven understanding of consumer credit dynamics in Jamaica.

The full report includes detailed quarterly insights, financing trends, and demographic analysis to support informed decision-making and strategic planning in a rapidly evolving environment.