Friday, August 24, 2012

Consumer Debt Increasing

British Columbia Leads The Country For Consumer Debt Levels

A recent report released by TransUnion would indicate that British Columbians are carrying the highest level of non-mortgage consumer debt. This would include debt such as credit cards, lines of credit, auto loans etc. but would not include mortgage debt. It would also not include things such as housing, food, utilities etc.

The following figures are not household debt figures, but personal consumer debt per person. You don't need a Masters in Economics to realize this is not a positive trend especially if you consider the effect a one or two percent increase in interest rates could have on this level of indebtedness.

Average Consumer Debt
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q/Q Chg
Y/Y Chg
B. C.
$36,820
$36,588
$37,276
$37,433
$37,879
0.2%
2.9%
Alberta
$34,081
$33,182
$33,613
$33,515
$33,564
1.2%
-1.5%
Ontario
$24,721
$24,540
$25,135
$25,235
$25,447
0.8%
2.9%
Quebec
$18,269
$18,751
$18,376
$18,475
$18,580
0.6%
1.7%
Saskatchewan
$26,902
$27,287
$27,755
$27,811
$27,699
-0.4%
3.0%

This represents the highest level of consumer debt since TransUnion started tracking this data in 2004.

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