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Canadian households' $1.5 trillion debt; two thirds of which are home loans

  

mortgagebrokernews.ca | December 5, 2014 

TORONTO — Canadians continue to pile on debt and now collectively owe more than $1.5 trillion, 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.

Nearly two-thirds of the total owed, or $985.1 billion, is mortgage debt.

Excluding mortgages, the average debt held by Canadians stands at $20,891.

The auto loan and instalment 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.

Despite the increase in debt, the delinquency rate — defined as bills more than 90 days past due — remains on a downward trend and now stands at just 1.1 per cent, Equifax said.

“While the debt numbers are worrisome, it’s certainly positive to see delinquency and bankruptcy rates inch down each quarter,” said Malina.

“The fact is, while debt figures have gone up, they have increased at a slower rate in the third quarter with most Canadians seemingly still spending within their means.”

Equifax said the increase in consumer demand for new credit has been driven mainly by credit card and auto credit inquiries.

As well, demand for consumer credit has now increased for six consecutive quarters in the West, while activity in the Eastern provinces continues to slow.

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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