Canadians demonstrating more financial control: study
A recent study conducted by Equifax Canada has found
that during this time of economic uncertainty, Canadians are demonstrating more
financial restraint and controlling their spending.
Equifax, one of the two major credit bureaus in Canada
(the other being TransUnion), released the report earlier this year, noting in
it that consumer debt repayment speed is changing. The study found that the
percentage of unpaid non-mortgage debt going into 90-day delinquency had
declined from 1.39 per cent in the first quarter of 2012 to 1.19 per cent by
the fourth quarter of the year.
What do those results mean? According to Equifax, past
studies have shown that during times of economic volatility or high
unemployment, consumers have traditionally taken on more debt (usually in the
form of loans) and taken longer to repay those debts. Instead, Canadians seem
to be exhibiting more financial control this time around, not going crazy and
spending when they shouldn’t be spending.
If you have questions or concerns about your level of
debt, please visit our credit union. We’d be happy to work with you to assess
your financial needs.