Consumer non-mortgage debt rises 3.3% in 2nd quarter: Equifax
Equifax Canada says non-mortgage consumer debt climbed 3.3 per cent year-over-year in a second entertain and warns that consumers’ ability to keep adult with their debt payments could be shabby as seductiveness rates and borrowing costs rise.
The credit monitoring firm’s news comes out a day before a Bank of Canada announces a initial seductiveness rate preference given hiking a pivotal lending rate by one-quarter of a indicate to 0.75 per cent in July.
Strong second-quarter mercantile expansion total final week has an augmenting series of economists presaging a executive bank will lift rates earlier rather than later, that could assistance to quell consumer borrowing during a time when Canadians have record debt loads.
Equifax says non-mortgage debt rose to a homogeneous of $22,595 per chairman in a second quarter.
Alberta had a top provincial average, during $28,240 of non-mortgage consumer debt per chairman — adult 1.8 per cent from final year — followed by Saskatchewan ($24,690) and British Columbia ($24,026).
Hover, a Canadian evasion rate for non-mortgage consumer debt fell to 1.09 per cent — heavily shabby by declines in a heavily populated provinces of Ontario, Quebec and British Columbia.
Article source: http://www.cbc.ca/news/business/equifax-consumer-debt-1.4275415?cmp=rss