In a recent Global News release, the most recent Canadian consumer debt statistics were examined, and what’s been found might surprise you.
According to the article, debt levels vary from province to province, and the spending trends vary with them. The article states that in the east, where consumers are less likely to be able to handle the financial burden, spending has increased; debt levels have increased, on average, 4%. However, in the more economically prosperous west, people seem to be dialing back.
Ontario seems to be sitting somewhere in the middle. The articles notes, “Ontarians increased their obligations by more than 2.5 per cent in the second quarter compared to the same period a year ago, to $20,385.”
Check out this infographic from Equifax which highlights the average for each province and how much that average has increased over the year.
Check out the full article here.
For more about Canadian consumer debt levels or how to get a handle on your own debt levels, please contact DebtCare Canada today by calling 1-888-890-0888.