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Pattie Lovett-Reid: Delinquencies rise amid pockets of financial stress

Pattie Lovett-Reid: Delinquencies rise amid pockets of financial stress
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Pattie Lovett-Reid: Is the debt glass half empty or half full?

Pattie Lovett-Reid: Is the debt glass half empty or half full?
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Not Out of the Debt Woods Yet

By Gord Wiebe Mar 4, 2021 7:38 AM Equifax Canada says increased mortgage activity and rising house prices in the fourth quarter of 2020 pushed the overall consumer debt level to $2.07 trillion. That was up 1.5 per cent from the previous quarter and up 4.1 per cent from Q4 2019. Despite the increase in total debt, the average consumer debt (excluding mortgages) dropped again this quarter to $23,043, which is a year-over-year decrease of 3.0 per cent and a decline of 0.8 per cent compared to the previous quarter. The drop in consumer debt is primarily due to credit card balance which has been gradually declining since March last year due to reduced spending and consumers paying down more of their balance on a monthly basis.

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