Canadian consumer debt hits $1.53 trillion: Equifax

7.7% increase mainly driven by credit cards

  1

by

Online only.

  1
(JGI/Jamie Grill)

(JGI/Jamie Grill)

TORONTO – Consumers are continuing to pile on debt despite economic uncertainty created by the sharp drop in oil prices.

Credit monitoring agency Equifax says consumer debt, including mortgage debt, rose to $1.529 trillion at the end of 2014.That was up 7.7 per cent from $1.42 trillion at the end of 2013, including a 1.1 per cent increase in the latest quarter.Compared with the same quarter last year, Equifax says national consumer demand for credit was driven mainly by credit cards. Bank and auto inquiries also increased.Meanwhile, the average debt held by Canadians, excluding mortgages, totalled $20,967 at the end of last year, Equifax says.

Despite concerns about consumer debt, the 90-day-plus delinquency rate has remained the same or declined in most regions, coming in at 1.09 per cent nationally in the fourth quarter, the lowest since 2008.

» How to improve your credit score

» How to pay off debt and save for the future

One comment on “Canadian consumer debt hits $1.53 trillion: Equifax

  1. Perhaps if consumers weren’t penalized by creditors for paying off loans early Canadians might carry a lower debt load.

    Reply

Leave a comment

Your email address will not be published. Required fields are marked *