Posted on November 30, 2010
Credit agency TransUnion says the amount Canadians owe continues to increase but the rate at which consumers are piling up debt is beginning to slow.
TransUnion says overall debt, excluding mortgages, was up 4.3 per cent in the third quarter, compared with a year ago.
Quebec posted the largest increase at 6.6 per cent, while Manitoba had the lowest increase at 2.6 per cent.
However, TransUnion says that is still an improvement over the double-digit increases that have been going on since before the recession.
Meanwhile, TransUnion says that despite high debt loads, delinquency rates and past due balances have dropped across Canada.
It says the national credit card delinquency rate was down nearly 10 per cent in the third quarter from a year ago.