25.12 million Canadians use credit in some way, about 400, 000 more than last year.
Canadians carry an average debt of $25, 597 – and that’s excluding mortgages, according to a TransUnion report that studied the anonymous files of all Canadians who have a credit card. The first quarter of 2010 saw our debt load at $24, 497. That means it grew by 4.5% on average.
The biggest increases were seen in Quebec and Newfoundland where debt rose by 7.8%.
The main culprit for debt was Lines of Credit, although Canadians seem to be paying them back as delinquency rates sank 10% from last year to just 0.21%.
The first quarter of 2011 saw credit card debt fall 4% from the last quarter of 2010, likely due to the January doldrums occurring right after the holiday season’s shopping sprees.
The report calls their findings “typically Canadian”.