Consumer debt keeps rising but so far Canadians are making their payments
Article by Bertrand Marotte, The Globe and Mail, June 09, 2015
” Canadians’ love affair with debt continues. And so far, our ability to sustain high debt levels appears to be holding. But there are signs of concern in some areas, particularly the oil patch. The latest numbers on consumer debt show that it is still on the rise, but that Canadians are keeping up with their payments.
Will that change over the second half of this year? The fallout from the drop in oil prices, particularly in Alberta and Saskatchewan, is one place to keep a watchful eye on in the coming months.
Consumer debt rose by 6.9 per cent in the first quarter of 2015, reaching $1.54-trillion, particularly as a result of higher levels of auto lending and installment loans, according to the latest trends report from credit monitoring firm Equifax Inc.”
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