Can Canadians Ever Break The Debt Cycle?
What Happens To The Economy If We Do?
TransUnion credit agency reports the average non-mortgage consumer debt jumped 4.6% over last year to an average of $26,768.00 and has increased at the fastest pace in the past two years.
As a comparison in the past five years inflation has increased 9% while consumer debt during the period has jumped by 37%.
One of the main factors to increase consumer debt over the summer was an 11% bump in automotive loans to an average of $19,228 as people finally decided to get a new chariot rather than extending a lease or keeping the older vehicle.
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