Always So Much Month Left At The End Of The Money

Canadians' debt-load getting bigger

We are slipping deeper into debt. Credit reporting agency Equifax says low interest rates and falling oil prices drove up consumer debt and delinquency in the third quarter. Canadians, collectively, owe owe $1.7-trillion compafred to $1.6-trillion a year ago. Individually, we are each rolling in about $22-thousand worth of debt. Equifax says the increase in delinquency was largely driven by oil-producing provinces in Western Canada and Newfoundland and Labrador, where default rates tend to be higher. That said, “The majority of consumers are actually decreasing their debt, but those who are still increasing it are adding larger amounts on average and by enough to increase the total levels. The fact is people who can afford to do so are buying more cars, spending more on housing and borrowing more from financial institutions.”