Thursday, September 18th18.8°C
19716
22754

Consumer debt swells to $1.4 trillion, but Canadians able to pay: Equifax

TORONTO - Credit monitoring agency Equifax Canada says the love affair Canadians have with debt is still going strong.

But despite the higher debt, a study by Equifax indicates that most people have a good handle on managing their bills.

Equifax says its figures show that consumer debt, excluding mortgages, totalled $518.3 billion at the end of November 2013, up 4.2 per cent from $497.4 billion a year earlier.

Despite the increase in debt, however, the overall delinquency rate — bills due past 90 days — declined to a record low of 1.12 per cent compared with 1.19 per cent in the same 2012 period.

Meanwhile, overall consumer debt, including mortgages, also continues to rise. In the fourth quarter, Canadians owed $1.422 trillion when mortgages were taken into consideration, up 9.1 per cent from $1.303 trillion a year earlier.

Equifax's Regina Malina says the data shows that Canadians are willing to take on more debt — from car loans to credit card purchases — but are also aware that they need to be able to pay it back.

The Canadian Press


Read more Business News

21097


Recent Trending




Today's Market
S&P TSX15465.54+6.66
S&P CDNX965.79-6.72
DJIA17265.99109.14
Nasdaq4593.426+31.237
S&P 5002011.36+9.79
CDN Dollar0.9144+0.0067
Gold1225.90-10.00
Oil92.98-1.44
Lumber349.00+1.00
Natural Gas3.976-0.101

 
Okanagan Companies
Pacific Safety0.16-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.32+0.07
Cantex0.060.00
Anavex Life Sciences0.2261-0.01
Metalex Ventures0.060.00
Russel Metals37.01+0.64
Copper Mountain Mining2.68-0.05
Colorado Resources0.175+0.005
ReliaBrand Inc0.024-0.003
Sunrise Resources Ltd0.02-0.005
Mission Ready Services0.30+0.01

 



22970

FEATURED Property
2066386202 - 933 Harvey Ave
1 bedrooms 1 baths
$139,800
more details
image2image2image2
Click here to feature your property
Please wait... loading


Executors and their duties

There will be a time when you will need to decide who you should appoint as executor of your Will. As well, there may be a time when you will be asked by someone to act as the executor of his or her W...


Power-save your way to a down payment

Part 1 of 2 Photo: Thinkstock.com1. Move in with your parents or in-laws Explain that you're thinking strategically in moving back home. The quickest way to get into the housing market is to ma...


Price Guarantees

Article written by Linda Bustos Though I’d never recommend “lowest prices” as a unique selling proposition, I notice many retailers use a Price Match Guarantee or even a 110% Guara...

_








Member of BC Press Council


23262