Canadians' debt loads have increased again this year.
Debt levels rising in places like Alberta and Saskatchewan but delinquencies still low.
A recent article states that the average Canadian owes $21,348.00 in consumer debt at the beginning of this year. These debts include credit cards, installment loans and car loans. The amount has risen by 2.7 percent in the past year.
Transunion reported that Canadians are now carrying more consumer debt, with one exception, lines of credit have declined by .54 per cent.
In Alberta, the average consumer debt was $27,803.00 while in Quebec it was $17,612.00. After segmenting the risk debt, the report found "sub-prime" borrowers (people who have to borrow at higher rates-due to their credit history) are borrowing more than the rest of the population. Subprime credit card holders average monthly balance ballooned to $6,601.00 at the end of March 2016, an increase of 5.7 per cent.
Canada's debt to income ratio sets new high at 165%. Despite the new high, overall Canadians are keeping on top of their bills.