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.

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