TORONTO, ON (September 6, 2022) – Total consumer debt has climbed to $2.32 Trillion, an increase of 8.2 per cent in Q2 2022 compared to last year according to Equifax Canada’s most recent Market Pulse consumer credit trends and insights report.
Increases in new lending and higher spending linked to inflation have pushed non-mortgage debt to $591.4 Billion, up 5.2 per cent from Q2 2021. Average non-mortgage debt per consumer is now $21,128, an increase of 2.4 per cent compared to Q2 2021.
“The cost of living has been increasing across Canada and indeed globally with rising inflation being seen across essentials like housing and energy as well as many other goods and services,” said Rebecca Oakes, Vice-President of Advanced Analytics at Equifax Canada. “Financial stress is becoming a very real thing for many more Canadians. Its impact on consumer credit is not just visible in day-to-day credit card spending, but also in other non-mortgage debt like auto loans and lines of credit, where balances are on the rise.”
Read the full report HERE