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The agency says total Canadian consumer debt reached $2.4 trillion in the second quarter.
Rebecca Oakes, vice president of Advanced Analytics, explains that the growth in non-mortgage debt is largely driven by significant increases in credit card balances and a significant increase in high and very high risk consumer debt.
Equifax Canada’s report shows that the average non-mortgage debt per consumer engaging in credit activity increased to $21,131.
Ms. Oakes said despite the rise in credit card debt, delinquencies are not increasing as quickly as expected, partly because the influx of new credit card users has also contributed to the increase in overall non-mortgage debt.
Equifax Canada says many Canadians are slowing their credit card spending, but lower-income households are having a harder time doing so and fewer consumers were able to pay off their monthly credit card balances in full in the second trimester.
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