28 January 2013

Equifax: Canadian borrowers forced to use high-interest loans as new mortgage rules came into force

Recently Equifax published its new report showing a sharp increase in
consumer loans, which may be a sign of new mortgage rules forcing
borrowers intohigher-interest borrowing. According to the report, Canada
showed a 3.2% increase in non-mortgage loans in the fourth quarter of
2012 compared to the year-ago numbers. It’s well above 2% rise shown
during July-September period (also with a year-over-year comparison)…

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