Category: Economy

TransUnion Predicts an Uptick in Credit Card Defaults in 2018

Posted January 23, 2018 by cccadmin in

TransUnion is dusting off its crystal ball to make its predictions for 2018 and it’s a mixed bag.

With interest rates predicted to rise in the early half of 2018 and a slight cool off in the Canadian economy, credit reporting agency TransUnion is predicting an uptick in credit card default rates. TransUnion projects that the serious delinquency rate for credit cards will rise to 3.63 per cent in the fourth quarter of 2018, up from 3.02 per cent in the same quarter in the previous year.

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Canadians Pile on More Debt to Keep Pace with Home Prices

Posted November 16, 2015 by cccadmin in ,

Buying First Home

With home prices heading into the stratosphere, Canadians keep piling on debt at a record pace. Household debt increased by 5 percent in the last year to a whopping $1.88 trilling, says RBC in its latest credit report. Most of that was from mortgage debt, which increased by 5.9 percent to $74.7 billion in the last 12 months.

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Report: Canadians are in Debt, but Mostly the “Good” Type

Posted August 22, 2015 by cccadmin in ,

Spending Too Much

Canadians are up to their ears in debt, but at least It’s mostly the “good” type. The average Canadian was $93,000 in debt in June 2015, up from $76,140 last year, according to a Bank of Montreal report. The report looked at overall household debt in the country. The top two types of debt for most Canadians is credit card debt and mortgage debt.

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