(Toronto) Average monthly credit card spending per cardholder in Canada increased 3.9% in the third quarter of 2021 compared to the corresponding quarter of 2019, pre-pandemic, but the increase did not materialize. not reflected in an inability to repay the balance since the average monthly payment per consumer has also increased.
An Equifax Canada report released on Tuesday found that increased lending activity, coupled with growth in mortgages, pushed aggregate consumer debt up 7.8% in the most recent three-month period. months compared to the third quarter of last year.
On an individual basis, Equifax Canada calculated that the average consumer debt was $ 20,739 in the third quarter of this year in the country, 1.7% lower compared to the same period in 2020. These amounts exclude however mortgages.
In this regard, the average consumer debt of residents of Quebec was the second lowest among the provinces of Canada, at $ 18,126, behind that of Manitobans at $ 17,011.
This average consumer debt was higher in the Maritime provinces than the Canadian average: $ 20,907 in Nova Scotia, $ 22,096 in Prince Edward Island and $ 22,270 in New Brunswick. .
Equifax Canada observed that over 90-day default rates for mortgage and non-mortgage products continued to decline in the third quarter of this year, with decreases of 28.5% and 22.2% respectively. compared to the same third in 2020. The agency reports that during the COVID-19 crisis, government support has been a boon to many financially struggling consumers who have managed to pay off their debts on time.
Equifax Canada is warning Canadians that inflation is a real concern. Higher prices for everyday goods can lead to greater reliance on credit and increased overall debt.