CONSUMER DEBT ON THE RISE

Dec 06, 2022

By Angus Gillespie

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Rising personal debt remains at the forefront in the minds of many Canadians.

A new report from Equifax Canada says an increase in borrowers pushed total consumer debt up by more than 7% from last year.

The report says the average non-mortgage debt rose to just over $21,000 for the highest level since the second quarter of 2020, with early signs of strain starting to show in auto loans and credit cards.

Not counting mortgage debt, it’s estimated the total debtload being carried by Canadians consumers has now surpassed $600 billion, which is higher than levels reached during the global pandemic.

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