Equifax says the debt profile of Canadians has changed throughout the pandemic, with mortgages accounting for a larger portion of people's debt. It said the rise was largely driven by mortgages, with the number of new mortgages up 41.2 per cent from a year ago when the country experienced the start of the pandemic. She said the largest increases in consumer debt were in B.C. Credit reporting agency Equifax says consumer credit card debt was at a six-year low in the first quarter as reduced spending led to healthier spending habits in general. Meanwhile, other big-ticket credit items like lines of credit have also accounted for the general rise in Canadian debt.

Source: CBC News June 08, 2021 19:07 UTC