Equifax Canada

Canadian Consumer Debt Nears $1.6 Trillion

CP | Posted 09.15.2015 | Canada Business

TORONTO — Canadians are still adding to household debt, but at a slower pace than earlier in the year, according to a new study from Equifax. The...

High Risk Credit Products Lead to Insolvency

Douglas Hoyes | Posted 05.05.2015 | Canada Business
Douglas Hoyes

Consumers who file insolvency are in severe financial distress, but surprisingly this does not mean they are behind on their payments. According to Equifax Canada, about 70 per cent of consumer accounts are paid as agreed at the time the individual files for bankruptcy, and this is definitely consistent with what we see every day. More debtors are turning to subprime debt as a way of balancing payments. While any one payday loan, high cost instalment loan or low credit car loan will not necessarily lead to bankruptcy, it does begin a slippery slope and these loans are a primary indicator of an increasing percentage of insolvencies.

Consumer Debt Jumped 7.7% Last Year

CP | Posted 03.03.2015 | Canada Business

TORONTO — Consumers are continuing to pile on debt despite economic uncertainty created by the sharp drop in oil prices. Credit monitoring agency...

These Are The Best Credit Cards In Canada

The Huffington Post Canada | Daniel Tencer | Posted 12.04.2014 | Canada Business

Picking the right credit card “can be a powerful financial tool,” according to interest rate comparison site RateSupermarket. It all depends on...

Canadians' Non-Mortgage Debt Jumps

CP | Posted 12.03.2014 | Canada Business

TORONTO -- Canadians continue to pile on debt and now collectively owe more than $1.5 trillion excluding mortgages, according to the latest figures fr...

More Debt? No Problem

CP | Linda Nguyen, The Canadian Press | Posted 01.25.2014 | Canada Business

TORONTO - Canadians are carrying more debt now than a year ago, but it seems like many have a better handle on paying it back, says a newly-released s...

Canadians Scared Straight About Their Debt: Report

CP | Linda Nguyen, The Canadian Press | Posted 03.26.2013 | Canada Business

TORONTO - Canadians are paying off their debts faster, with the number of those more than three months behind on loan payments dropping to a record lo...

Found: $3M

CP | Dean Beeby, The Canadian Press | Posted 11.29.2012 | Canada Politics

OTTAWA - The Canada Revenue Agency has uncovered millions of dollars worth of missing taxes by doing a simple credit check that the banks have been us...

Still Piling On Debt At Breakneck Pace..

CP | Sunny Freeman, The Canadian Press | Posted 06.12.2012 | Canada Business

TORONTO - Canadians are continuing to heap on non-mortgage debt, despite warnings about the perils of cheap borrowing from top officials, according to...