10 February 2014

In the same time, overall consumer debt, including mortgages, rose by 9.1% to $1.422 trillion from $1.303 trillion a year earlier.

It’s important to understand that such debt levels are not the reason to worry about with the current conditions, showing a stabilizing economy, falling unemployment rate and an expected gradual interest rate hike.

But in Malina’s opinion if any of these conditions change, Canadian consumers should reconsider their debt policies.

It should be noted that Equifax uses data from 25 million credit history files, covering national credit cards, various loans and mortgages for making their quarterly reports

If you have accumulated slightly more than usual credit cards debt over the holiday season, maybe it’s a good time to include high interest debts into your low rate mortgage? Talk to your mortgage broker about how to consolidate all debts into one affordable mortgage payment and become debt free faster.