Community News

Friday, August 2, 2013

Canadians demonstrating more financial control: study

A recent study conducted by Equifax Canada has found that during this time of economic uncertainty, Canadians are demonstrating more financial restraint and controlling their spending.
Equifax, one of the two major credit bureaus in Canada (the other being TransUnion), released the report earlier this year, noting in it that consumer debt repayment speed is changing. The study found that the percentage of unpaid non-mortgage debt going into 90-day delinquency had declined from 1.39 per cent in the first quarter of 2012 to 1.19 per cent by the fourth quarter of the year.
What do those results mean? According to Equifax, past studies have shown that during times of economic volatility or high unemployment, consumers have traditionally taken on more debt (usually in the form of loans) and taken longer to repay those debts. Instead, Canadians seem to be exhibiting more financial control this time around, not going crazy and spending when they shouldn’t be spending.
If you have questions or concerns about your level of debt, please visit our credit union. We’d be happy to work with you to assess your financial needs.

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