Bloated debt

Canadians are taking more debt and the main driver is auto loans.

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  • Canadian non-mortgage debt loads grew at their fastest pace in two years during the summer to hit an average of $26,768, TransUnion reported Wednesday. An 11% rise year-over-year in auto loans was the main driver of the growth in overall debt. Credit card debt however fell 1% to an  average of $3,573. Loan defaults also remained low.
  • More Canadians are giving to charitable causes and not only that, they’re donating more money too, a new BMO study has found. The report suggests 79% of Canadians gave money to a cause in the last 12 months, up from 68% last year. The average donation also jumped from $487 in 2011 to $557 this year.  Health, anti-poverty and animal welfare are most popular causes in the country. For ideas on how to stretch your donation dollars, visit MoneySense‘s 2012 Charity 100 ranking Canada’s biggest charities.
  • More than twice as many women in the U.S. (31%) and U.K. (38%) manage their investments online than women in Canada (13%), a new TD cross-border poll has found. Of the Canadian women who are online investors, more than three-quarters say they are confident in their abilities reporting that they consistently outperformed, or performed close to the market. Women are generally risk-averse, the bank found, with Canadian and British women being the most conservative. Thirty-eight per cent of women in Canada and 35% of women in the U.K. say they don’t want to take any chances with their money, whereas only one quarter of American women (25%) gave this answer. See TD’s infographic for more findings.

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