Canadians are slowing down their borrowing
Posted Dec 1, 2011 11:49:06 AM.
This article is more than 5 years old.
TORONTO – There are signs Canadian consumers have slowed their borrowing this year, after peaking in the fourth quarter of 2010.
A TransUnion analysis finds that average consumer debt, excluding mortgages, was 25-thousand-594 dollars in the third quarter.
That’s about where it has been throughout 2011.
TransUnion says the third-quarter total is still about 1.7 per cent higher than in the same period last year.
But the credit agency notes that the pace of the increase slowed as the year has progressed.
The fourth quarter of 2010 marked the end of 26 consecutive quarterly increases stretching back to the middle of 2004.
TransUnion tracks consumer borrowing through credit cards, lines of credit and auto financing.
