Welcome!

News Feed Item

Equifax Canada Reports Consumer Debt Grows to Over $1.4 Trillion

TORONTO, ONTARIO -- (Marketwired) -- 02/10/14 -- Despite a consumer debt load now ticking up to $1.422 Trillion nationally, Equifax Canada's Q4 2013 National Consumer Credit Trends Report also found that the national delinquency rate reached a new record low at 1.12 per cent.

"The growing debt is an important indicator of the state of consumer financial health, and should not be dismissed," explained Regina Malina, Director, Modeling and Analytics, Equifax Canada in reference to the consumer debt. "But for the most part, consumers and lenders continue to be responsible in how they're using credit. In short, monthly payments are being made."

Total consumer debt reported to Equifax moved up by 4.5 per cent from $1.36 Trillion as of Q3 2013. On a debt classification basis, two levers pushing numbers higher are Installment Loans and Credit Card sectors with significant increases of 11.0 per cent, and 5.9 per cent year-over-year, respectively.

Cristian deRitis, Senior Director of Consumer Credit Economics at Moody's Analytics, commented on the Equifax report adding "that the consumer debt certainly raises eye brows. It's a number that seems to defy gravity. Debt service ratios, however, are stable indicating that most households have adequate income to service their debts."

Mr. deRitis further noted, "Consumer credit trends are expected to remain strong throughout the year as an expanding U.S. economy increases demand for Canadian exports. Interest rates are expected to remain relatively low throughout 2014, rising gradually in 2015 and 2016 as both the Canadian and U.S. economies gather steam. This transition period should allow consumers to adjust their spending habits while continuing to make their debt payments."

On a regional basis, Quebec has the lowest delinquency rate (0.98 per cent) on non-mortgage loans, while the Eastern region has the highest rate (1.42 per cent).


90 days or more Delinquency Rate                                            
----------------------------------------------------------------------------
Region                           Q4 2012  Q1 2013  Q2 2013  Q3 2013  Q4 2013
----------------------------------------------------------------------------
Ontario                            1.37%    1.37%    1.35%    1.28%    1.23%
----------------------------------------------------------------------------
Quebec                             0.97%    1.00%    0.99%    0.96%    0.98%
----------------------------------------------------------------------------
West                               1.07%    1.08%    1.06%    1.00%    1.01%
----------------------------------------------------------------------------
East                               1.47%    1.50%    1.51%    1.42%    1.42%
----------------------------------------------------------------------------
Canada                             1.19%    1.20%    1.19%    1.13%    1.12%
----------------------------------------------------------------------------

Payment performance was strongest in Calgary and Edmonton with less than 1 per cent of loans delinquent by 90 days or more. Toronto registered the worst performance among major cities with a delinquency rate of 1.5 per cent.

Continuing to look at major cities and average debt, Edmonton incurred the highest year-over-year increase of 5.3 per cent. Also of note, the average debt in Vancouver decreased substantially by 4.4 per cent.


Average Debt - % Change Year- Over-Year                                     
----------------------------------------------------------------------------
% Changes Year- over-Year        Q4 2012  Q1 2013  Q2 2013  Q3 2013  Q4 2013
----------------------------------------------------------------------------
Calgary                            -1.4%     2.1%     3.6%     3.8%     1.9%
----------------------------------------------------------------------------
Edmonton                           -0.2%     5.0%     6.4%     7.5%     5.3%
----------------------------------------------------------------------------
Vancouver                           4.3%     3.2%     2.0%    -0.3%    -4.5%
----------------------------------------------------------------------------
Montreal                            3.3%     3.5%     4.6%     4.1%     2.3%
----------------------------------------------------------------------------
Ottawa                              3.1%     2.6%     4.2%     3.3%     2.1%
----------------------------------------------------------------------------
Toronto                             1.2%     0.7%     2.4%     1.6%     0.0%
----------------------------------------------------------------------------
Halifax                             3.7%     2.5%     3.3%     2.8%     3.0%
----------------------------------------------------------------------------

About Equifax

Equifax is a global leader in consumer and commercial information solutions, providing businesses of all sizes and consumers with information they can trust. We organize and assimilate data on more than 600 million consumers and 81 million businesses worldwide, and use advanced analytics and proprietary technology to create and deliver customized insights that enrich both the performance of businesses and the lives of consumers.

Headquartered in Atlanta, Equifax operates or have investments in 19 countries and is a member of the Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange under the symbol EFX.

For more information, please visit www.equifax.ca.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across supply chain networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost and time for product recall as well as advance trade. Are you curious about Blockchain and how it can provide you with new opportunities for innovation and growth? In her session at 20th Cloud Exp...
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing be...
Back in February of 2017, Andrew Clay Schafer of Pivotal tweeted the following: “seriously tho, the whole software industry is stuck on deployment when we desperately need architecture and telemetry.” Intrigue in a 140 characters. For me, I hear Andrew saying, “we’re jumping to step 5 before we’ve successfully completed steps 1-4.”
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
As pervasive as cloud technology is -- and as persuasive as the arguments are for using it -- the cloud has its limits. Some companies will always have security concerns about storing data in the cloud and certain high-transaction applications will always be better suited for on-premises storage. Those statements were among the bottom-line takeaways delivered at Cloud Expo this week, a three day, bi-annual event focused on cloud technologies, adoption and associated challenges.
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
SYS-CON Events announced today that Hitachi Data Systems, a wholly owned subsidiary of Hitachi LTD., will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City. Hitachi Data Systems (HDS) will be featuring the Hitachi Content Platform (HCP) portfolio. This is the industry’s only offering that allows organizations to bring together object storage, file sync and share, cloud storage gateways, and sophisticated search an...