West Coast residents are leading the way when it comes to reducing average consumer debt compared with a year ago.
Consumer debt in Vancouver dropped 4.5% in the fourth quarter of 2013 compared with the same period in 2012, according to Equifax Canada.
This is the most significant drop among major Canadian cities.
Edmonton, on the other hand, had the highest year-over-year increase. Consumer debt in Alberta's capital shot up 5.3% in the fourth quarter of 2013 compared with the year before.
Despite the big difference between the two cities, Western Canadians were ranked among the best when it comes to low delinquency rates on non-mortgage loans.
The delinquency rate in Western Canada during the fourth quarter of 2012 dropped from 1.07% to 1.01% compared to the same period in 2013.
It's the lowest delinquency rate among Canadian regions after Quebec, where the rate is just .98%.
Eastern Canada is home to the highest delinquency rate, which was pegged at 1.42% during the fourth quarter of 2013. Still, that number represents a decline compared to the previous period in 2012, when the rate was 1.42%.
Overall, the national delinquency rate reached a new record low of 1.12%.
Consumer debt in Canada, meanwhile, grew 4.5% from $1.36 trillion in the third quarter of 2013 to $1.42 trillion in the fourth quarter.
