Average debt rises in NL: Equifax report
PROVINCIAL, NL — 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, very 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 46-55 ($33,532), with people between 18-25 owing the least ($8,345).
The east coast has incurred more debt growth than the west, and the younger generation owes less.