Ontarians racking up debt faster than people in any other province: report
Credit monitoring agency Equifax Canada says consumers in Ontario are racking up debt faster than in any other province.
Its latest report finds Ontario's average consumer debt -- excluding mortgages -- increased by 5.1 per cent in the second quarter of this year over the same period last year to an average $22,761.
Equifax says that was the highest increase in the country and compares to 1.7 per cent in Saskatchewan, which had the lowest increase.
But at the same time it says debt delinquency rates fell 8.1 per cent in the province -- suggesting the overall ability of consumers to pay back borrowed money on time remains stable, although it warns that may change as interest rates gradually rise.