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-0.000303497221833113 -0.00088714572535835 -0.00196105897184487 -0.00464584208806091 -0.00452911238735583 -0.00378204230284355 -0.00399215576411271 -0.00373535042256157
Stock impact report

More Canadians want out of crippling car loans amid high financing costs: Debt experts [Yahoo! Finance Canada]

Equifax, Inc. (EFX) 
Last equifax, inc. earnings: 4/20 05:24 pm Check Earnings Report
US:NYSE Investor Relations: investor.equifax.com
4 min read In this article: A growing number of Canadians are considering returning their financed cars as the strain of high living costs and long-term auto loans continues to stretch their household budgets, according to debt and insolvency experts. Scott Terrio, manager of consumer insolvency at Hoyes, Michalos & Associates, says that in his 17 years on the job, this is the first year he's seen people contacting the firm with the intention of returning their vehicles. “It's very non-typical,” he said. “They've recognized that their car is killing them financially.” The trend suggests more Canadians are reaching a financial breaking point where vehicle ownership, once considered essential, is no longer sustainable. Experts say car payments are increasingly competing with rent, food and other fixed costs, prompting some consumers to reassess what they can realistically afford to keep. The cause is “absolutely the cost of living,” Terrio says, adding that struggling Canad Show less Read more
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