Equifax: Total consumer debt rises to $2.32 trillion in second quarter
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Equifax Canada says whole shopper debt rose to $2.32 trillion within the second quarter, up 8.2 per cent in contrast with the identical quarter final 12 months.
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The report by the credit standing company says will increase in new lending and better spending linked to inflation helped increase non-mortgage debt to $591.4 billion, up 5.2 per cent from a 12 months in the past.
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It says common non-mortgage debt per shopper was $21,128, up 2.4 per cent in contrast with a 12 months earlier.
Rebecca Oakes, vice-president of superior analytics at Equifax Canada, says monetary stress is turning into a really actual factor for a lot of extra Canadians.
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Oakes says the affect on shopper credit score is not only seen in day-to-day bank card spending, but in addition in different non-mortgage debt like auto loans and features of credit score, the place balances are on the rise.
Equifax says bank card balances rose to the very best degree for the reason that fourth quarter of 2019.
