Loan defaults in Canada are low. But they’re rising. Where and how they’re rising [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Loan defaults in Canada are low. But they’re rising. Where and how they’re rising Briefing highlights Low but rising The rate of loan defaults inCanada is low. But it’s rising. Any rise in delinquencies is obviously a troubling trend, but the increase comes from markedly low levels. And luckily for those who are buried in debt, the Bank of Canada isn’t likely to raise interest rates any time soon. Indeed, the central bank could well trim its benchmark overnight rate, which now stands at 1.75 per cent. Story continues below advertisement An Equifax Canada report on credit, released this week, showed consumers getting their act more in gear in the second quarter, slowing the pace of increase in borrowing. Borrowing still rose, as debt per consumer climbed 1.9 per cent to $71,97, but that marked a slower rate than the “robust” 2.6-per-cent gain in average debt in the first three months of the year, Equifax said. Breaking it down, mortgage debt grew at a slower 1.8 per cent, and
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