Equifax reveals what’s happening with consumer debt in Canada

Robb NelsonMortgage Talk Canada

By Ephraim Vecina, Mortgage Broker News Canada

While Canada’s overall consumer debt climbed to $2.07 trillion in Q4 2020 (up 4.1% annually) due to increased mortgage activity, per capita consumer debt actually declined amid reduced spending activity, according to Equifax.

The average consumer debt, excluding mortgages, fell by 3% year over year to end up at $23,043, “primarily due to credit card balance which has been gradually declining since March last year.”

Aside from lockdowns and business closures imposing hard limits on spending, consumers have also paid down more of their balance on a monthly basis.

Click here to continue reading on Mortgage Broker News.ca: Equifax reveals what’s happening with consumer debt in Canada (mortgagebrokernews.ca)

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