On December 07, 2016, the credit rating agency Equifax stated in a press release that Canada’s delinquency rate and average debt has risen. Canada’s delinquency rate has increased 3.6 percent. This increase is shown when comparing the last +90 day period to the same period in 2015.
Canada’s delinquency rate is measured by dividing the number of loans that have late payments with the total number of loans held by an institution. Delinquency rates on loans are affected by credit quality and macroeconomic factors such as mortgage rates.
The Equifax report shows that on average, Ontario residents are responsible with paying back their loans. Canadians are keeping their debt levels stable through making full payments on their credit cards every month. A smaller number of individuals are attempting to make the minimum payments every month.
Spending Tips To Help Deal With Canada’s Delinquency Rate.
With the holiday season almost at its peak, we should take extra care into being budget-conscious. A great way to keep yourself from getting carried away with the holiday giving spirit is to shop with cash. Leave your cards at home and set yourself a limit on the amount of cash you have when you shop for presents.
Shopping with a limited amount of cash will prevent you from taking out extra money. By having a limit on your cash, you might put more time towards choosing the presents you purchase. Leaving your plastics at home could also contribute to keeping your monthly payments at a minimum.
By showing responsible repayment behaviour, you can contribute to lowering Canada’s delinquency rate. If you are one of those individuals who attempts to make your minimum payments every month, you might have to start thinking about some assistance.
We are Licensed Insolvency Trustees that have extensive experience in addressing financial issues and challenges such as those noted above as well as all the questions you may have, including managing credit.
Feel free to email us at firstname.lastname@example.org, call us at 416 736 4357 (HELP), or fill out the contact form on this website, to book a free, no-obligation consultation with one of our debt solutions’ experts.
Make an appointment today, and we will provide some solutions specifically tailored to your situation. We look forward to assisting