Canadian Consumer Debt Tops $2 Trillion Says Equifax Canada

According to Equifax Canada, consumer debt in Canada reached 2 trillion this fall, largely due to increased demand for mortgages and car loans.

In its latest quarterly report, Equifax shows total consumer debt rose 3.8% to $ 2.041 trillion in the third quarter of 2020 compared to the same period last year.

“Homebuyers are largely why we’ve crossed the $ 2 trillion threshold,” said Rebecca Oakes, assistant vice president of advanced analysis at Equifax Canada, in a statement on Monday.

“Car sales have also risen again in the past few months. The shutdown of the manufacturer and the auction house has resulted in a temporary shortage of vehicles in some areas. “

Mortgage balance increased 6.6% year-on-year, while loans to buy new cars increased 11.7% year-on-year. Meanwhile, average credit card spending is back close to pre-pandemic levels, according to Equifax.

While the 90-day overdue rate for unsecured debt fell to 0.98%, the lowest level since 2014, Equifax noted several troubling signs.

“The rate of delay we’re seeing right now is likely to be overshadowed by payment deferrals,” said Oakes, who has attracted more than three million consumers since translation begins.

According to Equifax, 12% of new credit products in the third quarter were opened by consumers who took advantage of the deferred payment program.

This content is also available in: Tiếng Việt

#seesomething, saysomething

Culture Magazin magazine always wants to listen and receive contributions from readers.
In case you submit articles about your ideas, interesting social events or hot news that you would like to share with us, email us at info@culturerus.com or inbox us at the FB page – https://www.facebook.com/culturemagazin.
Try our test reporter once. Quality articles will be selected and posted on Culturemagazin’s website and official social networking sites!
#seesomething, saysomething

Discover

Bài Liên Quan

Lip Colours That’ll Help You Transition from Summer to Fall

There are two types of people when Autumn arrives: Those who are tired of the sweltering heat and can’t wait to...

The reality of Hospitals in Ontario – How is the Vietnamese community in Canada doing during the pandemic?

https://youtu.be/n1ra7XoG8Yw What are the situations medical workers currently facing in Ontario? Is...

Proposed program to give Canadian permanent residency to asylum seekers working in health care

The federal government is working on a special program that would grant Canadian permanent residency to asylum seekers who have worked in...

Ontario’s COVID-19 Cases Decreased but New Virus Variant Presents a Significant Threat New Modelling Shows

A COVID-19 variant spreading in Ontario is a "significant threat" to controlling the pandemic, but maintaining existing public health interventions will likely...

Canada’s Top Jobs with Fastest Growing Demand in 2021 According to Randstad

Statistics showed that Canada's economy lost 63,000 jobs in December and many analysts predict this trend will continue as the government tightens...

Canada Investing Millions of Dollars in Future Sanofi Plant to Produce Made-in-Canada Vaccines

The Canadian government is making moves to strengthen Canada’s vaccine manufacturing capacity — but it won’t happen anytime soon.

Tiger Sugar’s Brown Sugar Boba Drinks

If you are a Torontonian, you probably do not want to miss the drink that is making a trend among young...

This content is also available in: Tiếng Việt