Regina Homes & Condos For Sale|Regina Real Estate 

Debt load now up to $22,081

Canadian now owes $22,081

 

 

Many Canadians have no debt at all, but those who do are adding to it by buying more consumer goods, Equifax says.

 

The average Canadian now owes $22,081 in consumer debt, a figure that doesn't include any mortgages, debt monitoring firm Equifax says.


In a report released Wednesday, Equifax says the debt figure increased by 3.6 per cent in the third quarter of 2016 compared to the same period a year ago. All in all, consumer debt now stands at more than $1.7 trillion. 


But while the average is rising, that figure belies an interesting paradox: Many people owe nothing at all, but those who do are borrowing more and more.

 

"The majority of consumers are actually decreasing their debt," said Equifax's senior director, Regina Malina, "but those who are still increasing it are adding larger amounts on average and by enough to increase the total levels.


"The fact is people who can afford to do so are buying more cars, spending more on housing and borrowing more," she added.

 

 

AgeAverage debt

18-25

$8,343

26-35

$17,064

36-45

$26,697

46-55

$32,594

56-65

$27,840

65+

$15,238

All ages

$22,081

 

"On average, Canadians across the country are managing their debt wisely, with the majority paying off their credit cards in full every month and few making only the minimum payments. We encourage them to continue to be budget-conscious heading into the holiday shopping period."

While the overall debt figure is ticking up, two specific types of debt are growing rapidly. Auto loans and instalmentloans are showing significant increases of 7.8 per cent and 7.7 per cent year over year, respectively.

Comments:
No comments

Post Your Comment:

* indicates required fields.
Your Name: *
Please note, your email will not be shown publicly
Your Email (will not be published): *
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 Association of Regina REALTORS® Inc. (ARR) IDX Reciprocity listings are displayed in accordance with ARR's MLS® Data Access Agreement and are copyright of the Association of Regina REALTORS® Inc..
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 Association of Regina REALTORS® Inc. displayed on this site is refreshed every 2 hours.