Regina Homes & Condos For Sale|Regina Real Estate 

RSS

Canadian consumers collectively owe more than $1.5 trillion!

Canadian consumers continue to pile on debt and now collectively owe more than $1.5 trillion, according to the latest figures from Equifax Canada. Canadian personal debt rises

 

The consumer credit rating agency says the level of consumer debt at the end of the third quarter was up 7.4 per cent from $1.409 trillion a year ago, with non-mortgage debt held by Canadians now standing at an average of $20,891.

 

The auto loan and instalment loan sectors showed the most significant increases, at 6.8 and 5.8 per cent year-over-year respectively.

 

"Following a frenzied start to the festive shopping season with more to come in the countdown to Christmas, we can expect the consumer debt to rise even further," said Regina Malina, senior director of decision insights at Equifax Canada.

 

Despite the increase in debt, the delinquency rate -- defined as bills more than 90 days past due -- remains on a downward trend and now stands at just 1.1 per cent, Equifax said.

 

"While the debt numbers are worrisome, it's certainly positive to see delinquency and bankruptcy rates inch down each quarter," said Malina. "The fact is, while debt figures have gone up, they have increased at a slower rate in the third quarter with most Canadians seemingly still spending within their means."

 

Equifax said the increase in consumer demand for new credit has been driven mainly by credit card and auto credit inquiries.

 

As well, demand for consumer credit has now increased for six consecutive quarters in the West, while activity in the Eastern provinces continues to slow.

Comments:

No comments

Post Your Comment:

* indicates required fields.
Your Name: *
Your email will not be published
Your Email: *
Comment: *
Please type the text as it appears above:
Aaron Habicht
Cell:1-306-536-2454
Sutton Group - Results Realty
3904 B Gordon Road
Regina, SK
S4S 6Y3 CA
The Saskatchewan REALTORS® Association (SRA) IDX Reciprocity listings are displayed in accordance with SRA's MLS® Data Access Agreement and are copyright of the Saskatchewan REALTORS® Association (SRA).
The above information is from sources deemed reliable but should not be relied upon without independent verification. The information presented here is for general interest only, no guarantees apply.
Trademarks are owned and controlled by the Canadian Real Estate Association (CREA). Used under license.
MLS® System data of the Saskatchewan REALTORS® Association (SRA) displayed on this site is refreshed every 2 hours.