Canadians’ Non-Mortgage Debt Jumps To $1.5 Trillion As Car Loans Lead The Way.
TORONTO — Canadians continue to pile on debt and now collectively owe more than $1.5 trillion excluding mortgages, according to the latest figures from Equifax Canada.
The consumer credit rating agency says the level at the end of the third quarter was up 7.4 per cent from $1.409 trillion a year ago, with non-mortgage debt held by Canadians now standing at an average of $20,891.
The auto loan and installment loan sectors showed the most significant increases, at 6.8 and 5.8 per cent year-over-year respectively.
“Following a frenzied start to the festive shopping season with more to come in the countdown to Christmas, we can expect the consumer debt to rise even further,” said Regina Malina, senior director of decision insights at Equifax Canada.
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