Canadians are feeling the crunch of sky-high inflation and climbing interestrates. As a glaringly clear sign of the times, creditcard demand and balances continue to increase. credit debt cdnpoli
interest ratesTotal consumer debt has climbed to $2.32T, an increase of 8.2% in Q2 2022 compared to last year, according toconsumer credit trends and insights report. Increases in new lending and higher spending linked to inflation have pushed non-mortgage debt to $591.4B, up 5.2% from Q2 2021. Meanwhile, average non-mortgage debt per consumer is now $21,128, an increase of 2.4% compared to Q2 2021.
As the report reveals, the recent housing market slowdown has had little impact on new mortgage amounts, but monthly payments are up. According to Equifax Canada, new mortgage volume fell by 16.4% in Q2 2022 when compared to the peaks of Q2 2021. The report highlights how high home prices have hurt first-time homebuyers. While we’ve seen an appreciated softening of prices, the average loan amount of first-time homebuyers only dropped by 0.
Not surprisingly, financial stress indicators are on the rise in Canada. In the second quarter, consumer insolvency rose to the highest levels since the start of the pandemic. This was primarily driven by consumer proposals, which saw a 20.7% rise compared to the prior year and accounted for 76% of all insolvencies.
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Equifax says total consumer debt rose 8.2% to $2.32T in Q2 - BNN BloombergEquifax Canada says total consumer debt rose to $2.32 trillion in the second quarter, up 8.2 per cent compared with the same quarter last year.
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Equifax says total consumer debt rises to $2.32 trillion in second quarterEquifax Canada says total consumer debt rose to $2.32 trillion in the second quarter, up 8.2% compared with the same quarter last year.
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Equifax says total consumer debt $2.32 trillion in Q2, up 8.2 per cent from year agoEquifax Canada says total consumer debt rose to $2.32 trillion in the second quarter, up 8.2 per cent compared with the same quarter last year.
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Equifax says total consumer debt rises to $2.32 trillion in second quarterEquifax Canada says total consumer debt rose to $2.32 trillion in the second quarter, up 8.2 per cent compared with the same quarter last year
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Total consumer debt rose to $2.32-trillion in second quarter, up 8.2% from year ago: Equifax CanadaThe report by the credit rating agency says increases in new lending and higher spending linked to inflation helped boost non-mortgage debt to $591.4-billion, up 5.2% from a year ago
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