Canadian Debt Growth Slows

This is a Canada news story, published by windsorstar, that relates primarily to Equifax Canada’s news.

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third quarter consumer credit trends study

windsorstar

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More vehicle loans as Canadians' debt reaches record level

Summary

Nutrition label

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

Informative language

Neutral language

Article tone

semi-formal

Language

English

Language complexity

Offensive language

not offensive