The Canadian Press - ONLINE EDITION
Posted: 06/9/2014 6:47 AM | Comments: 0
Last Modified: 06/9/2014 1:44 PM
TORONTO - Credit monitoring agency Equifax says demand for credit has increased for four consecutive quarters in Western Canada, while demand in the Eastern provinces continues to slow.
Equifax says first-quarter statistics show that consumers' overall debt, including mortgages, remains high at around $1.4 trillion, up from $1.33 trillion in the same period last year.
But Equifax says while consumer demand for credit nationally is still heading up — it was up 2.7 per cent in the quarter versus the same period a year ago — debt levels remain manageable.
The report says consumer bankruptcies are down and the overall delinquency rate — bills due past 90 days — is down by 3.9 per cent.
It also says the instalment loan and credit card sectors showed significant increases of 11.8 per cent and 4.8 per cent year over year, respectively.
Equifax says while more new credit cards were issued, on average consumers are carrying smaller balances.
Note to readers: This is a corrected story: A previous version erroneously said last year's debt level was $1.42 trillion
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.
Having problems with the form?Contact Us Directly
Manufacturing rebound seen
CEO: Rivers to quit Clippers if Sterling stays
Scraping together a handsome bottom line
Beretta: Gun law forcing move out of Maryland
Legal marijuana milestone heads for Seattle museum
A's agree to 10-year lease to stay in Oakland
Oops! EPA goes off topic, tweets about Kardashian
7 ex-NFL players appeal terms of concussion deal
LinkedIn to buy ad tech company Bizo for $175M
Most actively traded companies on the TSX
Discover Financial's 2Q profit jumps 7 per cent
Apple's fiscal 3Q earnings top analyst forecasts
Rogers jobs cuts could affect profitability
Microsoft 4Q earnings hurt by Nokia acquisition
Ford names Galhotra as Lincoln's new president
Chrysler recalls Jeep SUVs for ignition switches
The top 10 books on Apple's iBooks
Exxon Mobil says it'll follow new anti-bias rules
Ackman goes after Herbalife's nutrition clubs
Agropur co-operative to buy U.S. dairy assets
Target debuts an image-recognition shopping app
Spotify's Top 10 most streamed tracks
LexisNexis buys Wolters' Cdn legal business
Protect yourself from identity theft
Dan Borislow, magicJack inventor, dies at 52
Ford says new F-150 can compete with rivals
Air Canada cancels Toronto flight to Tel Aviv
Juices get trendy; can V8 ride the trend?
Gaza rocket lands near Israel's main airport
Judge nixes lawsuit over Empire State Building IPO
PrairieSky shares rise on inaugural results
European agency urges airlines to avoid Tel Aviv
US job-training review emphasizes data, employers
A&W Revenue Royalties has lower Q2 net income
Contrarian's case: Why US could dip into recession
NY judge orders 24-7 Argentina debt talks
Airlines scrap Israel flights over missile fear
Stocks move higher; Comcast, Lockheed gain