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More vehicle loans as Canadians' debt reaches record level

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Summary
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78% Informative

Equifax Canada’s 2024 third quarter consumer credit trends study found overall consumer debt rose 4.1 per cent compared to Q3 2023 to reach a record $2.54 trillion .

The debts piled up fastest for the younger generations and newcomers to Canada as more people relied on their credit cards.

The average Canadian now owes $ 21,810 in non-mortgage debt.

VR Score

88

Informative language

90

Neutral language

64

Article tone

semi-formal

Language

English

Language complexity

37

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not offensive

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not hateful

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not detected

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not detected

Time-value

short-lived

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8

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