Av­er­age debt rises in NL: Equifax re­port

Advertiser (Grand Falls) - - Sports -

Av­er­age debt in New­found­land and Labrador is up, and delin­quency rates are, too, ac­cord­ing to Equifax Canada’s 2017 Q2 Na­tional Con­sumer Credit Trends Re­port

The av­er­age res­i­dent of this prov­ince owed $23,627 in Quar­ter 2 this year — more than res­i­dents of all other Eastern Cana­dian prov­ince. That’s up 2.4 per cent from Quar­ter 2 last year. Across Canada, the av­er­age per­son owes $22,595, up 3.3 per cent.

The big­gest changes were seen in On­tario, where con­sumers have taken on 5.1 per cent more debt (av­er­age $22,671).

The delin­quency rate in New­found­land and Labrador is 1.53 per cent, up 18.6 per cent from the same time in 2016. The av­er­age in the Eastern re­gion is 1.63 per cent; in West­ern Canada, it’s 1.16 per cent.

St. John’s res­i­dents have more debt than oth­ers in New­found­land and Labrador, at $25,236. The delin­quency rate in the city is 1.46 per cent, slightly lower than the provin­cial rate. The city cited in the re­port with the high­est av­er­age debt is Fort McMur­ray, where peo­ple owe an av­er­age of $37,831.

The re­port also breaks it down by age group. The most debt is held by peo­ple be­tween 46 and 55 ($33,532), with peo­ple be­tween 18 and 25 ow­ing the least ($8,345).

ADAM RAN­DELL/THE BEACON

Alena Zi­mova lays flow­ers at the Czech Air memo­rial in re­spect of those who lost their lives in the crash.

ROSALYN ROY / THE GULF NEWS

The East Coast has in­curred more debt growth than the west, and the younger gen­er­a­tion owes less.

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