News Feed Item

Equifax Canada Reports Consumer Debt Grows to Over $1.4 Trillion

TORONTO, ONTARIO -- (Marketwired) -- 02/09/14 -- 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
SYS-CON Events announced today that Niagara Networks will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...
Virgil consists of an open-source encryption library, which implements Cryptographic Message Syntax (CMS) and Elliptic Curve Integrated Encryption Scheme (ECIES) (including RSA schema), a Key Management API, and a cloud-based Key Management Service (Virgil Keys). The Virgil Keys Service consists of a public key service and a private key escrow service. 

In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, will discuss how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team a...
OnProcess Technology has announced it will be a featured speaker at @ThingsExpo, taking place November 1 - 3, 2016, in Santa Clara, California. Dan Gettens, OnProcess’ Chief Analytics Officer, will discuss how Internet of Things (IoT) data can be leveraged to predict product failures, improve uptime and slash costly inventory stock. @ThingsExpo is an annual gathering of IoT and cloud developers, practitioners and thought-leaders who exchange ideas and insights on topics ranging from Big Data in...
SYS-CON Events announced today that Cemware will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Use MATLAB functions by just visiting website mathfreeon.com. MATLAB compatible, freely usable, online platform services. As of October 2016, 80,000 users from 180 countries are enjoying our platform service.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and ...
SYS-CON Events announced today that eCube Systems, the leading provider of modern development tools and best practices for Continuous Integration on OpenVMS, will exhibit at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. eCube Systems offers a family of middleware products and development tools that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
Digitization is driving a fundamental change in society that is transforming the way businesses work with their customers, their supply chains and their people. Digital transformation leverages DevOps best practices, such as Agile Parallel Development, Continuous Delivery and Agile Operations to capitalize on opportunities and create competitive differentiation in the application economy. However, information security has been notably absent from the DevOps movement. Speed doesn’t have to negat...
Join Impiger for their featured webinar: ‘Cloud Computing: A Roadmap to Modern Software Delivery’ on November 10, 2016, at 12:00 pm CST. Very few companies have not experienced some impact to their IT delivery due to the evolution of cloud computing. This webinar is not about deciding whether you should entertain moving some or all of your IT to the cloud, but rather, a detailed look under the hood to help IT professionals understand how cloud adoption has evolved and what trends will impact th...
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, will draw together recent research and lessons learned from emerging and established ...