Is Canadian Household non-mortgage debt out of control?
Canadian debt loads grew at their fastest pace in two years during the summer, according to a report released Wednesday — an alarming rate given that officials continue to warn consumers that household spending is out of control.
Credit reporting agency TransUnion’s latest quarterly analysis of Canadian credit trends found average consumer non-mortgage debt jumped 4.6 per cent year-over-year in the third quarter to an average of $26,768.
Are Canadians not getting the message?
The problem with this number is that it doesn’t look at HELOC numbers.
If a family took their non-mortgage debt and added it to their mortgage-debt it is considered gone but the numbers lie.
These numbers are shocking but I don’t see any way they will come down until the interest rates and lowered and the government stops consumers from taking easy debt.