Advertisement
7.7% increase mainly driven by credit cards
TORONTO – Consumers are continuing to pile on debt despite economic uncertainty created by the sharp drop in oil prices.
Credit monitoring agency Equifax says consumer debt, including mortgage debt, rose to $1.529 trillion at the end of 2014.That was up 7.7 per cent from $1.42 trillion at the end of 2013, including a 1.1 per cent increase in the latest quarter.Compared with the same quarter last year, Equifax says national consumer demand for credit was driven mainly by credit cards. Bank and auto inquiries also increased.Meanwhile, the average debt held by Canadians, excluding mortgages, totalled $20,967 at the end of last year, Equifax says.
Despite concerns about consumer debt, the 90-day-plus delinquency rate has remained the same or declined in most regions, coming in at 1.09 per cent nationally in the fourth quarter, the lowest since 2008.
» How to improve your credit score
» How to pay off debt and save for the future
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Consumer debt reached a record $2.5 trillion last quarter. Find out what’s driving increased debt levels among certain groups...
Nvidia doubles revenue in one year, Canadian inflation moves in the wrong direction, Target misses badly, Walmart beats earnings...
The Trump effect and Trumponomics, Shopify’s huge earnings beat, it’s sunny days for Suncor shareholders and more.
Experts say Donald Trump’s promised policies risk higher inflation and could weigh on the Canadian dollar.
Sponsored By
Coast Capital
Inflation is down, wages are up. But the economic recovery has been uneven, with “two contradictory trends” shaping Canadians’...
Apple and Nvidia vie for global market cap crown; Google, Microsoft and Meta crush earnings; Amazon’s Bezos takes WaPo...
Economy stalled in August, Q3 growth looks to fall short of Bank of Canada estimates.
Looking for a new car? What you should know about leasing versus owning.
