Canadians continue to pile on debt and now collectively owe more than $1.5 trillion excluding mortgages, according to the latest figures from Equifax Canada.
The consumer credit rating agency says the level at the end of the third quarter was up 7.4% from $1.409 trillion a year ago, with non-mortgage debt held by Canadians now standing at an average of $20,891.
The auto loan and instalment loan sectors showed the most significant increases, at 6.8% and 5.8% year-over-year respectively.
Despite the increase in debt, the delinquency rate — defined as bills more than 90 days past due — remains on a downward trend and now stands at just 1.1%, Equifax said.
Equifax said the increase in consumer demand for new credit has been driven mainly by credit card and auto credit inquiries.
As well, demand for consumer credit has now increased for six consecutive quarters in the West, while activity in the Eastern provinces continues to slow.
