BC Consumer Non-Mortgage Debt At All Time High

“A new analysis suggests Canadian non-mortgage debt rose to its highest level in nearly a decade during the second quarter.
The latest report of Canadian debt trends by TransUnion found the average consumer’s non-mortgage debt load rose to $26,221 in the second quarter.
That’s up 0.74 per cent from the first quarter of 2012 and up 2.41 per cent from a year earlier.
The credit reporting firm said that’s the highest average debt per person it has seen since it began tracking the variable in 2004.
There were wide regional variances, with the average debt load in B.C. hitting $37,879 [up 2.9% YOY]. Quebeckers, on average, have the lowest debt loads in the country, at $18,580 per person, the company said.”

CBC 23 Aug 2012

Less cushion in a downturn.
– vreaa

10 responses to “BC Consumer Non-Mortgage Debt At All Time High

  1. Living the dream in BC…

    Until Capital Direct won’t return your calls…

  2. Ralph Cramdown

    I’m doing my bit. RBC is lending me $40k for six months at 0%, and Scotia is lending me $20k for 9 months at 0.9%.

  3. how do you guys get these baller loans?

    • Yeah, no kidding. Home owners get the best rates and even though we have more equity in our paper assets than the majority of people have in their homes we’re offered “prime” rates of 5, 6, 7 percent, prime plus 2, 3. It’s crap.

      • “even though we have more equity in our paper assets”

        If you hold these in some form that guarantees the lender they are callable and whole if a loan defaults, and that they fully and wholly cover the shortfall plus any administrative overhead, and that your income sources are such that you have a high probability of making regular loan payments on time and in full, they will offer you the same rate as a mortgage.

        One of the possible reasons I can’t get mortgage-level rates on some of my assets is because they are already leveraged.

      • Leverage!?… I’ll bet you didn’t know that when it comes to ‘Leverage’… BadGuys make the best GoodGuys…

      • Leverage is something used when pulling off a plausible-looking powerbomb, or bodyslamming Andre the Giant.

        I agree the lines between good and evil have been muddied of late, every time I tap the #wwe stream I get inundated with my favourite hero “turning heel”. What’s our world coming to when I can’t put some guy’s poster on my wall and be sure he’ll be there in 6 months?

  4. Since these are means, and the still-fairly-numerous debt-free folks with balances of $0 affect these… I’d be curious to know what the mean debt level is among those who owe.

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