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Canadians taking on more debt, but delinquencies are down: Equifax

VANCOUVER (NEWS1130) – Credit monitoring agency Equifax says Canadians racked up more debt in the latest quarter, driven by mortgages and higher installment loans.

Data compiled for the second quarter shows that overall consumer debt, which includes mortgages, grew 7.2 per cent to $1.45 trillion from $1.35 trillion a year ago.

Debt also grew 1.8 per cent from the first quarter.

However, the rate of delinquencies fell to its lowest level since the recession began to unfold five years ago.

The national delinquency rate, which tracks bills overdue by 90 days or more, fell by 2.8 per cent, while consumer bankruptcies dropped by five per cent compared with the same time last year.

On average, Equifax says Canadians held $20,759 in debt without factoring in mortgages.