TORONTO – A new Equifax Quebec report says low interest rates and falling essential oil prices drove up consumer debt and delinquency rates in the 3 rd quarter.
The credit reporting firm found that average credit card debt increased by About three.6 per cent so that you can $22,081 in the quarter was over Sept. 30 when compared to same period recently.
As of the third 1 / 4, Canadian consumers to be paid $1.702 trillion compared to $1.587 mil a year earlier.
Equifax says the proportion of people who are Ninety days or more behind forking over their debt developed to 1.14 per cent from 1.05 % during the same year-over-year period of time.
It says the increase in amount you are behind was largely operated by oil-producing provinces inside Western Canada plus Newfoundland and Labrador, when default rates are generally higher.
Total consumer debt, excluding mortgages, remains becoming increasingly popular fuelled in part by simply low interest rates, it stated.
“What we are viewing in Western North america and Newfoundland would be of extra concern if folks the two regions reach hard by the essential oil bust were as well piling on a more debt and they are never, especially in Alberta and Saskatchewan,” Regina Malina, senior director of selection insights at Equifax Nova scotia, said in a introduction issued Wednesday.
“Virtually all consumers are actually minimizing their debt, however , those who are still increasing it are including larger amounts an average of and by enough to improve the total levels. The fact is people who can afford to do this are buying more cars, spending more on lodging and borrowing much more from financial institutions.”
Equifax stated auto and hit loan sectors proved significant increases of seven.8 per cent and seven.7 per cent while in the third quarter year-over-year, correspondingly.