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Credit cards shown on Thursday, Oct. 6, 2022. Photo by Andrew Vaughan /The Canadian Press
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The latest TransUnion debt report shows total debt continued to grow in the first quarter compared with the year before, driven mainly by young people and newcomers.
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Young people, newcomers fuel new debt growth: TransUnion reportBack to video
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The report says total outstanding debt grew 4.7 per cent to $2.5 trillion in the first quarter year-over-year.
Delinquencies, or missed payments, were also up 11 basis points year-over-year to 2.7 per cent — mainly driven by new-to-credit consumers.
The report also shows subprime consumers continued to struggle as their delinquency rates rose at significantly higher rates than prime and above-prime consumers.
Matt Fabian, director of financial services research at TransUnion Canada, says higher balances from high-risk credit consumers signal a critical moment for lenders to reassess risk strategies.
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Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.