News Formal

Credit card balances increase in first quarter as mortgage market slows, Equifax Canada says

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 34 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 92%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

Equifax Canada says in its latest consumer credit report that on average, consumers are spending 21.5% more each month on their credit cards compared with pre-pandemic levels

Equifax Canada says credit demand was high in the first quarter of the year while the mortgage market saw a significant slowdown.

Equifax Canada’s vice-president of advanced analytics Rebecca Oakes says in a statement that the first quarter normally brings a drop in non-mortgage debt as consumer spending slows after the holidays.Missed payments on non-mortgage debts also rose, with 175,000 more consumers missing payments on at least one product, up 18.8 per cent from a year earlier.

Equifax says non-mortgage delinquency rates rose by the most in British Columbia and Ontario. And while at the end of 2022 delinquencies were more pronounced among non-mortgage holders, the first quarter of 2023 saw an increasing number of mortgage holders missing payments on non-mortgage debt.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Credit card balances increase in first quarter as mortgage market slows: Equifax - BNN BloombergEquifax Canada says credit demand was high in the first quarter of the year while the mortgage market saw a significant slowdown.
Source: BNNBloomberg - 🏆 83. / 50 Read more »