Av­er­age debt rises in NL: Equifax re­port

The Gulf News (Port aux Basques) - - NEWS -

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).

ROS­ALYN ROY / THE GULF NEWS

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

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.