Consumer Credit Trends: Mortgage Debt

Equifax Canada Dept: Equifax Canada's quarterly consumer credit trends report found that consumer indebtedness, excluding mortgage debt, grew 3.1 per cent year-over-year in the second quarter, down from 4.4 per cent in the same period of 2011, according to Winnipeg Free Press. And while consumers continued to take on debt, it is encouraging that the rate of acceleration is moderating significantly, said Nadim Abdo, vice-president of consulting and analytical services at Equifax Canada and tORONTO -- Consumer debt growth was about 30 per cent lower in the second quarter than a year earlier -- the biggest slowdown since before the recession, according to a new consumer credit study. The study, released Thursday, found high-interest credit-card debt fell by 3.8 per cent in the quarter and consumer bankruptcies were down 4.5 per cent from a year earlier. Bank loans and lines of credit showed very moderate growth compared to a year ago. (www.immigrantscanada.com). As reported in the news.