Canadian consumer debt hits record $2.5 trillion, driven by high costs and auto loans.

Canadian consumer debt hit a record $2.5 trillion in the third quarter due to high living costs and unemployment. Newcomers and first-time borrowers saw the biggest rise in missed payments, though this has slowed with recent interest rate cuts. Auto loans, up 12% for non-bank and 2.7% for bank loans, are a major factor in the debt increase. TransUnion predicts auto loan sizes will remain flat in 2025, with delinquencies improving slightly.

November 26, 2024
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