Winnipeg Free Press - PRINT EDITION

Canadian consumer debt jumps in 2012, report finds

  • Print

TORONTO -- A new report says the level of Canadian consumer debt at the end of 2012 -- not counting mortgages -- was up nearly six per cent from a year earlier.

TransUnion says the $1,525 jump from the end of 2011 was the biggest year-to-year fourth-quarter increase since 2008. The quarterly analysis estimates the average Canadian owed a total of $27,485 as of Dec. 31 for such things as car loans and leases, credit cards and lines of credit.

British Columbia was the only province to show a decline, of just under one per cent. The provinces with the biggest increases were Alberta (11.2 per cent), Quebec (9.4 per cent) and Prince Edward Island (nine per cent).

Albertans also had the highest average debt at $37,377 -- nearly $10,000 above the national average, although British Columbia residents were close at $37,244.

Still, TransUnion noted delinquency levels continue to remain low.

Statistics Canada found the average household owes 165 per cent more than it earns in annual disposable income, meaning an average family with $100,000 annual disposable income owes $165,000.

Bank of Canada governor Mark Carney and Finance Minister Jim Flaherty have repeatedly warned Canadians interest rates will eventually rise, pushing up the cost of borrowing.

In January, the bank said interest rates will need to stay at low levels longer after conceding it misjudged the strength of the economy and reduced its outlook for inflation.

-- The Canadian Press

Republished from the Winnipeg Free Press print edition February 6, 2013 B5

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Bombers This Week: It's must win time

View more like this

Photo Store Gallery

  • Geese take cover in long grass in the Tuxedo Business Park near Route 90 Wednesday- Day 28– June 27, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)
  • A monarch butterfly looks for nectar in Mexican sunflowers at Winnipeg's Assiniboine Park Monday afternoon-Monarch butterflys start their annual migration usually in late August with the first sign of frost- Standup photo– August 22, 2011   (JOE BRYKSA / WINNIPEG FREE PRESS)

View More Gallery Photos

Poll

Do you think e-cigarettes should be banned by the school division?

View Results

View Related Story

Ads by Google