Calgary and Edmonton residents carrying the most consumer debt in Canada: Equifax report
CTV
The high cost of living and inflation is taking a toll on Canadians, but those living in Calgary and Edmonton are burdened by the most debt, a new report indicates.
The high cost of living and inflation is taking a toll on Canadians, but those living in Calgary and Edmonton are burdened by the most debt, a new report indicates.
Equifax Canada, in its latest Market Pulse Consumer Credit Trends and Insights report, found Calgarians had an average consumer debt load of $23,885 in the third quarter of 2023 while Edmontonians had slightly less at $23,719.
"Factors such as high cost of living, inflation, credit card payments and mortgage renewal worries are coming at consumers right now," said Rebecca Oakes, vice-president of advanced analytics at Equifax Canada, in a news release.
The company says Canadians' non-mortgage debt increased in 2023 by 4.1 per cent, mainly fuelled by a $15.9-billion increase in credit card debt.
According to the report, the total consumer debt in Canada is $2.45 trillion, up by 3.2 per cent from the previous year.
Despite still having the highest amount of average debt in the country at $24,356, the load for Albertans has dropped by almost 1.5 per cent.
The largest increase – four per cent - was recorded in Newfoundland, where the average debt load is $23,930.
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