DEBT GROWS AMONG CANADIANS 65-PLUS BUT MOST HAVE A PLAN TO PAY IT OFF

Nov 25, 2013

By Jane Brown

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Zoomers are in more debt these days, but it seems most are managing to stay on top of it. A new study by Equifax Canada shows consumer debt, excluding mortgages, rose 3.7 percent in the third quarter to just over $507-billion from just under $489-billion last year. Despite the increase in debt, the overall delinquency rate of bills more than 90 days past due declined to a record low of just over 1.1 per cent, down from more than 1.2 percent in the same period last year.  Canadians aged 65-plus continued to accumulate debt at the highest rate, up 6.4 percent year over year, but they still carried the “least” amount of debt overall of any age group.

Overall consumer debt, including mortgages, also continues to grow. An Equifax spokesperson says the data shows that Canadians are willing to take on more debt from car loans to credit card purchases but seem to have a plan on how they’ll pay it back.

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