Equifax Canada Reports Canadian Consumer Debt Increasing but at a Slower Pace
TORONTO, ONTARIO--(Marketwired - Sept. 15, 2015) - New data from Equifax Canada's Q2 2015 National Consumer Credit Trends Report suggests Canadians are still adding on debt, but at a slower rate. Total consumer debt is now at $1.568 trillion, driven by the installment loan and auto loan sectors which increased by 8.0% and 3.9% year-over-year, respectively. The average consumer debt is $21,164, which increased by 2.0% versus 2.7% in the previous quarter.
In Western Canada, debt levels are essentially flat having increased just 0.6% since the same quarter last year. Albertans still hold the most debt compared to any other province, but there was no increase to debt levels in the second quarter.
Average Debt | ||
Average Debt |
Year-over-Year Changes (Q2 2015 vs. Q2 2014) |
|
Ontario | $20,793 | 2.0% |
Quebec | $17,758 | 3.8% |
Nova Scotia | $21,063 | 2.7% |
New Brunswick | $21,449 | 3.0% |
PEI | $20,853 | 2.9% |
Newfoundland | $22,055 | 2.6% |
Eastern Region | $21,391 | 2.8% |
Alberta | $27,313 | -0.1% |
Manitoba | $17,573 | 2.9% |
Saskatchewan | $23,347 | 1.4% |
British Columbia | $23,011 | 0.4% |
Western Region | $24,044 | 0.6% |
Canada | $21,164 | 2.0% |
Nationally, consumer bankruptcies are down 9.4%, as is the 90 day+ delinquency rate by 1.6%.