Tuesday, May 26th14.2°C
26379

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

24947


Recent Trending




Today's Market
S&P TSX15055.70-131.70
S&P CDNX694.78-5.27
DJIA18062.36-169.66
Nasdaq5032.69-56.67
S&P 5002107.53-18.53
CDN Dollar0.8057-0.0064
Gold1188.50-15.80
Oil59.18-1.49
Lumber277.20+3.40
Natural Gas2.812-0.075

 
Okanagan Companies
Pacific Safety0.14+0.01
Knighthawk0.010.00
QHR Technologies Inc1.49+0.00
Cantex0.03-0.01
Anavex Life Sciences0.44+0.01
Metalex Ventures0.085+0.005
Russel Metals25.34-0.49
Copper Mountain Mining1.30-0.03
Colorado Resources0.105+0.005
ReliaBrand Inc0.008+0.003
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.17+0.00
Decisive Dividend Corporation2.20+0.60

 



26181

FEATURED Property
2259094103-2205 Louie Drive
5 bedrooms 3 baths
$749,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Cash stressed seniors

Photo: Thinkstock.comFor many Canadian homeowners, their house represents the biggest portion of their net worth. Now, increasing numbers of seniors are starting to recognize the hidden value of their...


Do or do not

Photo: Thinkstock.com“The optimist sees the rose and not its thorns; the pessimist stares at the thorns, oblivious of the rose.” - Kahlil Gibran Good planning is all about managing chan...


Penetrate the smokescreen

Photo: ContributedHas this ever happened to you? You’re in the middle of your second or third “good discussion” with a prospect. Everything’s going great. The prospect seems en...

_



26363

25482


Member of BC Press Council


25895