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Consumer Debt Levels Highest In Almost a Decade

Personal debt levels dramatically increased, esepcially in B.C. where the average resident carries almost $40,000 in debt. As of this quarter, Canadians have amassed the highest average debt level per person since agencies began tracking consumer debt levels almost 10 years ago.   The average Canadian now had $26,221 in personal debt, an increase of 2.41 per cent from just last year. And B.C. residents are the worst offenders, carrying the highest debt of any province at $37,879 per person.  

By Lindsey Peacock /

Personal debt levels | BCBusiness
B.C. residents have taken the top slot for the highest average personal debt level in the country.

Personal debt levels dramatically increased, esepcially in B.C. where the average resident carries almost $40,000 in debt.

As of this quarter, Canadians have amassed the highest average debt level per person since agencies began tracking consumer debt levels almost 10 years ago.
 
The average Canadian now had $26,221 in personal debt, an increase of 2.41 per cent from just last year. And B.C. residents are the worst offenders, carrying the highest debt of any province at $37,879 per person.
 
Such a large spike in year-over-year levels is a bit alarming considering Canada’s economic recovery seems to be stalling. Just two weeks ago, the B.C. alone suffered 15,000 job losses and the overall unemployment rate for Canada rose to 7.3 per cent.
 
It’s also not a big surprise more Canadians are carrying higher debt loads. New numbers from BMO last week revealed university students are starting their working lives with more debt than ever.
 
The only encouraging point in the report from TransUnion is that rates for delinquent payments and defaults are still low. But as debt loads increase, will Canadians be able to maintain those higher monthly payments?