Tausi Insider

Equifax Canada says an increase in borrowers helped push total consumer debt to $2.36-trillion in the third quarter for a 7.3 per cent rise from last year, even as mortgage volumes decline. It says average non-mortgage debt rose to $21,183 for the highest level since the second quarter of 2020, with early signs of strain starting to show in auto loans and credit cards. Overall non-mortgage debt came in at $599.9-billion for a 5.3 per cent climb from last year, and up 1.9 per cent from the third quarter of 2019, as the number of borrowers rose by 3.1 per cent. Rebecca Oakes, Equifax Canada’s head of advanced analytics, says the rising debt stems from a combination of growth from immigration, pent-up spending, as well as increased borrowing as consumers feel the strain of higher living costs. Credit card spending in the quarter was up 17.3 per cent from last year to an all-time high for the time period. Average spending put on credit cards was almost $2,447, a 21.8 per cent jump from t...