Canadian consumers’ debt rises

Canadian consumers’ debt rises

During the second quarter Canadian consumers dared to take on more consumer debt. Average mortgage loan balances grew too. However, delinquency rates went down, as a key credit report provider informed on Tuesday.

Years of very low interest rates since the financial downtime spurred a borrowing binge and also assisted to drive Canadian household debt to record maximums for the last time, powering a housing boom, which has recently started faltering.

As for non-mortgage debt balances, they hit C$22,154 in the quarter, soaring 2.7% from 2016. In addition to this, serious delinquency rates, incorporating repayments more than two months overdue, went down by about 8 basis points reaching 2.65%.

In 2016 average mortgage loan balances inched up by 4.8% hitting C$198,781, while serious delinquency rates for mortgages sank by 4 basis points tumbling to 0.56% - that’s the third consecutive quarter of sagging delinquency.

Similar

British retailers benefit from bumper Black Friday sales

In November, UK shoppers derived benefits from electrical goods as well as other Black Friday bargains, providing a suddenly big boost to retail sales that contrasted with earlier indications of a subdued start to Christmas spending…

China lifts market rates to tame financial risks

On Thursday, China's major bank had money market rates lifted because the government sought to diminish financial risks without affecting the national economy, as activity was still broadly firm…

ECB Meeting & Press Conference

Meetings of the European Central Bank tend to have a great impact on the euro. The regulator will announce its rate decision at 14:45 MT time on December 14. 

Popular

Bank of Canada Meeting

The Bank of Canada will publish its rate statement at 17:00 MT time on December 6…

promotions you can be interested in

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera