Go to Main Content

Advertisement

By Special to MoneySense on June 9, 2014
Estimated reading time: 1 minute

Demand for credit up in Western Canada: Equifax

By Special to MoneySense on June 9, 2014
Estimated reading time: 1 minute

Consumers’ overall debt remains high around $1.4 trillion

Advertisement

Credit monitoring agency Equifax says demand for credit has increased for four consecutive quarters in Western Canada, while demand in the Eastern provinces continues to slow down. Equifax says its first-quarter statistics show that consumers’ overall debt, including mortgages, remains high around $1.4 trillion, up slightly from$1.42 trillion in the same period last year. But Equifax says while consumer demand for credit is still heading up (it was 2.7 per cent in the quarter), debt levels still remain manageable. The report says consumer bankruptcies are down and the overall delinquency rate (bills due past 90 days) is down by 3.9 per cent. It also says the instalment loan and credit card sectors showed significant increases of 11.8 per cent and 4.8 per cent year-over-year, respectively. Equifax says while more new credit cards were issued, on average consumers are carrying smaller balances.

Comments Cancel reply

Related Articles

Strategic Shopper

The best streaming services in Canada: The value of each—plus a few free ones

We outline the movies and shows available on each streaming service, plus the cost, number of users and other...

The best streaming services in Canada: The value of each—plus a few free ones

Close-up of a Canadian 20 dollar bill

Changes to Canada’s tax brackets, CPP contributions and more in 2025

It's a new year. What financial changes will take effect in Canada in 2025?

Changes to Canada’s tax brackets, CPP contributions and more in 2025

Making sense of the markets: Looking at 2025

What does 2025 have in store for Canadian investors? Who knows. But there are some trends to keep an...

Making sense of the markets: Looking at 2025

A mom and her child calculating the contribution room of her TFSA.

TFSA contribution room calculator

TFSA contribution room calculator

A senior-age woman looks at her tablet on a park bench.

CPP payment dates in 2025, and more to know about the Canada Pension Plan

Here’s how Canada’s retirement pension plan works, who’s eligible for CPP, when you can start receiving CPP, and CPP...

CPP payment dates in 2025, and more to know about the Canada Pension Plan

Two young girls play on the swings

CCB payment dates in 2025, and more to know about the Canada Child Benefit

Parents, here are the CCB payment dates for 2025, along with how much you can expect to receive each...

CCB payment dates in 2025, and more to know about the Canada Child Benefit

An older couple does stretches in a park

OAS payment dates in 2025, and more to know about Old Age Security

Here’s how Canada’s Old Age Security pension works, who’s eligible for OAS, when you can start receiving OAS, and...

OAS payment dates in 2025, and more to know about Old Age Security

Young woman working on her computer

Newcomers to Canada

How to create a CRA account

Having an online CRA account makes it easier to manage your income taxes and government benefits at tax time...

How to create a CRA account

A woman uses her credit card to make a mobile purchase

The best credit cards in Canada for 2025

Find the credit cards in Canada that offer the most rewards and the lowest fees, based on the latest...

The best credit cards in Canada for 2025

Wooden figurines of a family and an umbrella sheltering stacks of coins

Partner Content

How to save and invest smarter: What Canadians need to know

How to save and invest smarter: What Canadians need to know