Dec 03, 2014
By Bob Komsic
Ho, ho, hold on … Canadians keep piling on debt.
Collectively, we owe over $1.5 trillion.
Latest numbers from the consumer credit rating agency Equifax say the level at the end of the third quarter or summer was up 7.4 % from a year ago.
Nearly two-thirds of the total owed is mortgage debt.
Despite the increase in debt, the delinquency rate – defined as bills more than 90 days past due – continues to go down and now stands at just 1.1 %.
”Following a frenzied start to the festive shopping season with more to come in the countdown to Christmas, we can expect the consumer debt to rise even further. While the debt numbers are worrisome, it’s certainly positive to see delinquency and bankruptcy rates inch down each quarter,” said Equifax Canada’s Regina Malina. ”The fact is, while debt figures have gone up, they have increased at a slower rate in the third quarter with most Canadians seemingly still spending within their means.”
Take away mortgages, the average Canadian’s debt is $20,891.