Delinquency rates remain low while average consumer non-mortgage debt has risen

In the past year, the total average debt increased 2.19% from $26,770 at the end of the third quarter in 2012 to $27,355 at the end of third quarter this year. Despite this, two of our country’s biggest cities; Toronto and Montreal, have both experienced quarterly and yearly declines in average consumer total debt. This suggests that Canadians, in these markets, are taking better care of their debt repayment(s). The only major Canadian city that experienced an increased national average consumer non-mortgage debt was Edmonton who experienced a 4.6% gain over the past year. According to Thomas Higgins, TransUnion’s vice-president of analytics and decision services, “Credit card delinquencies saw the biggest decline on a percentage basis in the last year, which is a positive as embarking on the final three months of the year when credit card usage tends to pick up.”