Canadian Debt Levels at RECORD Highs – Delinquencies Rise

#CanadaDebt #CanadianDebt #CanadaGDP Canadian’s Debt to Income Ratio hit record highs in the fourth quarter of 2021, according to Statistics Canada. Transunion reports that Canadians have increased their mortgages, auto loans, credit cards and installment-loans throughout the fourth quarter as…

Canadian Debt Levels at RECORD Highs - Delinquencies Rise

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#CanadaDebt #CanadianDebt #CanadaGDP

Canadian’s Debt to Income Ratio hit record highs in the fourth quarter of 2021, according to Statistics Canada. Transunion reports that Canadians have increased their mortgages, auto loans, credit cards and installment-loans throughout the fourth quarter as well, with late payments increasing.

With the amount of debt being held by Canadians increasing, and the Bank of Canada caught between rising inflation and the potential for an oil-induced recession, the Canadian economy is definitely facing uncertain times ahead.

Links:
See the Full Statistics Canada Report: National balance sheet and financial flow accounts, fourth quarter 2021 –

https://www150.statcan.gc.ca/n1/daily-quotidien/220311/dq220311b-eng.htm?HPA=1

TRANSUNION Q4 2021 CREDIT INDUSTRY INSIGHTS REPORT:

https://www.transunion.ca/lp/IIR?utm_source=Press_Release&utm_medium=Press_Release&utm_campaign=INT-CA-22-2089911_IIR_Q4_2021#contact-us
‘We took on debt, so Canadians wouldn’t have to’: PM Trudeau: https://www.youtube.com/watch?v=au3NlUr9gIw
Statistics Canada says household debt-to-income ratio hit record high in Q4:

https://www.ctvnews.ca/business/statistics-canada-says-household-debt-to-income-ratio-hit-record-high-in-q4-1.5815332

35% of Canadians say rising interest rates could push them to bankruptcy:

https://dailyhive.com/vancouver/canadians-rising-interest-rates-bankruptcy

Posthaste: Gen Z piling into mortgage market as consumer credit rebounds:

https://financialpost.com/executive/executive-summary/posthaste-gen-z-piling-into-mortgage-market-as-consumer-credit-rebounds

U.S. inflation soared 7.9 percent in past year, a fresh 40-year high:

https://www.politico.com/news/2022/03/10/us-inflation-soars-to-40-year-high-00016043

Gas prices continue rising despite dip in crude oil price:

https://globalnews.ca/news/8672241/gas-prices-continue-rising-dip-crude-oil-price/

War impact, lending boom mean inflation expectations will likely rise despite latest rate hike:

https://www.cbc.ca/news/business/jobs-inflation-expectations-column-don-pittis-1.6372617

Canadians adjusting budgets, cutting costs elsewhere amid rising gas prices:

https://www.ctvnews.ca/canada/canadians-adjusting-budgets-cutting-costs-elsewhere-amid-rising-gas-prices-1.5815763

Canada adds 337K jobs in February, unemployment drops below pre-pandemic levels:

https://globalnews.ca/news/8675538/canada-jobs-unemployment-february-2022-pandemic/

Ukraine crisis could spark global recession: David Rosenberg:

https://financialpost.com/news/economy/ukraine-crisis-could-spark-global-recession-david-rosenberg

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