Average non-mortgage debt load now at $21,686, TransUnion says
Delinquency rate remains low despite growing debt loads, credit agency says
By Pete Evans, CBC News Posted: Nov 10, 2016
The typical Canadian now owes $21,686, TransUnion says — a figure that doesn't include the mortgage.
Within that figure, the average credit card debt is $3,954, a rise of two per cent this year. But the real growth has come in instalment loans — typically, short-term loans at much higher interest rates. Average balances on instalment loans have risen 6.8 per cent in the last year to $24,782 — a $2,200 increase from two years ago.
The number of people who are delinquent on their bills — which TransUnion says means they are more than 90 days behind on payments — is at 2.7 per cent. Last year, it was at 2.62 per cent.
Two provinces, however, have seen their delinquency rates spike this year — up by 13.4 per cent in Alberta and 11.9 per cent in Saskatchewan. Everywhere else, the rate is either stable or falling.