Welcome!

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
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
In his opening keynote at 20th Cloud Expo, Michael Maximilien, Research Scientist, Architect, and Engineer at IBM, discussed the full potential of the cloud and social data requires artificial intelligence. By mixing Cloud Foundry and the rich set of Watson services, IBM's Bluemix is the best cloud operating system for enterprises today, providing rapid development and deployment of applications that can take advantage of the rich catalog of Watson services to help drive insights from the vast t...
Recently, IoT seems emerging as a solution vehicle for data analytics on real-world scenarios from setting a room temperature setting to predicting a component failure of an aircraft. Compared with developing an application or deploying a cloud service, is an IoT solution unique? If so, how? How does a typical IoT solution architecture consist? And what are the essential components and how are they relevant to each other? How does the security play out? What are the best practices in formulating...
In his session at @ThingsExpo, Arvind Radhakrishnen discussed how IoT offers new business models in banking and financial services organizations with the capability to revolutionize products, payments, channels, business processes and asset management built on strong architectural foundation. The following topics were covered: How IoT stands to impact various business parameters including customer experience, cost and risk management within BFS organizations.
SYS-CON Events announced today that Elastifile will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Elastifile Cloud File System (ECFS) is software-defined data infrastructure designed for seamless and efficient management of dynamic workloads across heterogeneous environments. Elastifile provides the architecture needed to optimize your hybrid cloud environment, by facilitating efficient...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory?
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single-threaded, you can effectively identify hot spots in your serverless code. In his session at @DevOpsSummit at 21st Cloud Expo, Dave Martin, Product owner at CA Technologies, will give a live demonstration and code walkthrough, showing how ...
SYS-CON Events announced today that Golden Gate University will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Since 1901, non-profit Golden Gate University (GGU) has been helping adults achieve their professional goals by providing high quality, practice-based undergraduate and graduate educational programs in law, taxation, business and related professions. Many of its courses are taug...
@DevOpsSummit at Cloud Expo taking place Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center, Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is ...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., discussed how these tools can be leveraged to develop a lasting competitive advantage ...
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics ...
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Me...
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...