You have probably heard the media talking about the pace at which Canadians are taking on more debt and then usually followed by panic around mortgage financing…sounds familiar?
Well, Equifax, Canada’s largest credit reporting system, released a report and it is calling for vigilance.
“When compared to the same quarter last year national consumer demand for credit was driven mainly by credit cards,” the report said, noting that bank and auto loans also increased from year-earlier levels.”
The report goes on to say that excluding mortgages, the average consumer debt has increased by 2.9% to $20,967. As you can imagine, in today’s economic environment, this is cause for concern and we need to pay attention if we’re to avoid a credit crisis.