By Ephraim Vecina, Mortgage Broker News Canada
While Canada’s overall consumer debt climbed to $2.07 trillion in Q4 2020 (up 4.1% annually) due to increased mortgage activity, per capita consumer debt actually declined amid reduced spending activity, according to Equifax.
The average consumer debt, excluding mortgages, fell by 3% year over year to end up at $23,043, “primarily due to credit card balance which has been gradually declining since March last year.”
Aside from lockdowns and business closures imposing hard limits on spending, consumers have also paid down more of their balance on a monthly basis.
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