The average Canadian consumer’s debt, excluding mortgages, increased in 2013’s second quarter to $27,131, according to a TransUnion report released this morning (August 28).
In the previous quarter, average debt dropped in its first quarterly decline in more than two years.
British Columbians led the pack in terms of non-mortgage consumer debt, at an average of $38,672, ahead of second-placed Alberta ($36,150).
However, Alberta’s debt increased the most year-over-year, at 7.7%, whereas B.C.’s year-over-year increase was lower than average at 2.1%.
The report also highlighted that:
- all provinces posted quarter-to-quarter increases in average debt;
- the year-over-year national increase in average debt of 3.5% was much greater than has been seen in the second quarter of previous years;
- there was an increase in debt for credit cards, installment loans and auto loans;
- the largest credit segment – lines of credit – dropped in its second consecutive quarterly decline; and
- delinquency levels remained low for all credit products, with lines of credit and auto loans continuing to have the lowest percentages of default.
