A telescopically collapsible vehicular steering column assembly includes inner and outer shaft tubes which are joined in a sliding fit by a bushing. The bushing includes a pair of spaced journal bearings formed of steel-backed PTFE held in a plastic carrier body. The bushing is located in a receiving chamber in the outer shaft tube. A clearance compensator reacts against the receiving chamber to exert a radial compressive force through the carrier body and the journal bearings to improve the sliding fit with the inner shaft tube and remove lash. The clearance compensator can take any form, such as a hollow annular rib, a skirt with a flexible free end, or an array of nubs carried in thinned sections of the carrier body. The clearance compensator in all of these variations operates within a clearance space and has dimensional attributes which can be changed during the design and manufacturing phases of the bushing to optimize a characteristic of the steering column assembly. The optimized characteristic may be the sliding friction between the inner and outer shaft tubes, or the stiffness of the assembled column which affects its vibrational frequency, or other value.