While Canadians were falling behind on credit card debt and auto loan payments late last year, rates of mortgage arrears were steady compared to pre-pandemic levels, StatCan found.
A new poll suggests people many throughout Canada are struggling with debt and recent Bank of Canada rate cuts aren't making a difference to their financial situation. Michelle Statz with BDO Debt Solutions looks at consumer confidence and provides advice for people dealing with debt – Jul 30, 2024levels changed from pre-COVID-19, through the pandemic and into the ensuing economic rebound, up until late 2023.
As of last year, non-mortgage debt was higher than its pre-pandemic level in Canada, hitting $553.1 billion in the third quarter of 2023, 13.7 per cent higher than in the first quarter of 2020. Arrears were still below pre-pandemic levels as of the third quarter of 2023, by less than a tenth of a percentage point.
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