A lot of the things that are keeping Canadians spending are set to go away this fall
, according to a recent estimate from Capital Economics. It pays benefits for a maximum of 24 weeks, and the earliest recipients will run out in October if they don’t find work.
And a growing number of Canadians are eating into their savings to cover their costs, credit rating agency TransUnion said in a report Tuesday. Some 18 per cent of Canadians are benefiting from some sort of “payment holiday” on their debts, with the most common products being credit cards, mortgages, personal loans and utility payments, in that order, TransUnion said.All of this comes as Canadians are turning cautiously more optimistic about their personal prospects.
But not everyone is sure of that. Some economists are pointing out that a full return to normal can’t happen until the pandemic is over.
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