TransUnion: Earlier this month, the Market Trends report of TransUnion, a credit monitoring agency, said that average consumer debt held by Canadians stood at $26,935 in the first quarter of this year . Thats down 2 points from the previous quarter, and the largest drop since TransUnion began collecting this data in 2004. Consumer debt, which excludes mortgages, takes in credit-card debt, car loans, lines of credit, and instalment borrowing, according to The Star. At $3,637 per Canadian in last years fourth quarter, credit-card debt was actually up slightly from the same period a year earlier. Maxed-out credit cards continue to be the main problem cited by those who turn to credit-counselling services for help and The two chief ways of ensuring personal financial health are earning money and not spending it. After a bout of excessive spending, Canadians seem to be doing better on saving and investing after a bout of spending excess. But, alas, still not better enough. But consumer debt remains a troubling 3.5 per cent higher than a year ago. Despite stagnant incomes and worries about job security, a large number of Canadians continue to rack up potentially unmanageable credit-card debt.
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reported in the news.
Tagged under TransUnion, consumer debt topics.