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lebiez piranaj

Consumer debt loads grow at fastest pace in 2 years - 3 views

www.cbc.ca/...transunion-debt-credit.html

consumer debt fastest pace

shared by lebiez piranaj on 25 Nov 12 - No Cached
  • Canadian debt loads grew at their fastest pace in two years during the summer
  • Credit reporting agency TransUnion's latest quarterly analysis of Canadian credit trends found average consumer non-mortgage debt jumped 4.6 per cent year-over-year in the third quarter to an average of $26,768
  • Measured on a quarterly basis, debt grew 2.1 per cent in the summer from the second quarter of this year.
  • ...9 more annotations...
  • debt loads have increased 400 per cent more than the rate of inflation
  • — with inflation as measured by the Consumer Price Index up nine per cent and consumer debt jumping more than 37 per cent.
  • A 11 per cent uptick year-over-year in auto loans to an average of $19,228 was the main driver of the growth in overall debt
  • Canadian instalment loan borrower debt grew 2.3 per cent over the third-quarter of last year to an average of $22,849.
  • Borrowing on lines of credit fell 0.2 per cent year-over year, but grew nearly one per cent since the second quarter of the year and sits at an average of $34,050.
  • delinquency levels — those who are late or default on a loan— continue to remain low across all categories.
  • the number of Canadians missing or defaulting on loan payments fell to pre-recession levels
  • household market debt has risen to 163 per cent of disposable income.
  • "We're moving into the Christmas season so I anticipate we might see another high increase year-over-year when we get to the Q4 numbers
  • lebiez piranaj on 26 Nov 12
     
    1. Despite receiving warnings about Canadian debt issues , it turns out that the average credit card debt has actually decreased by one percent while the year-over-year auto loans are now the main driving force behind the overall growth of our debt, why do you think this is happening? 2. Thomas Higgins, TransUnion's vice-president of analytics and decision services said that he believes the reason why consumers continue to ramp up debt is due to the media spreading overly positive news regarding the economy and throwing the readers into a state false optimism. Do you believe this is the case and why?
lebiez piranaj

Car loans drive Canadian consumer debt to record high $26,768 - The Globe and Mail - 2 views

www.theglobeandmail.com/...article5248875

consumer debt auto loans higher

shared by lebiez piranaj on 18 Jan 13 - No Cached
  • Canadian consumer debt hit a record high in the third quarter, driven by loans to purchase new cars
  • The average Canadian’s non-mortgage debt reached $26,768 in the third quarter
  • fastest pace of debt accumulation in nearly two years
  • ...6 more annotations...
  • ransUnion said Wednesday that consumer debt in the third quarter increased at its fastest rate since the end of 2010, jumping 4.6 per cent on an annual basis and 2.1 per cent from the previous quarter
  • the debt levels are certainly moving in the wrong direction
  • Auto borrowing debt climbed 11.25 per cent from a year earlier and 1.84 per cent from the previous quarter
  • One possible reason, Mr. Higgins said, is that during the recession, Canadians held off getting new cars and paid off their leases, driving auto loans lower
  • people have started thinking that it is time to get a new car
  • “Today, people can carry this debt, but if we do get a big shock, like higher interest rates or job losses, then we will get hit.”
  • lebiez piranaj on 18 Jan 13
     
    The article mentions about how auto loans have increased substantially in the past few years and that this may be because auto loans have lower interest rates. But it also mentions that the economy is recovering and another hit could affect us because we are borrowing so much. 
Nikita Klyuev

Canadians' debt mountain growing at fastest pace in two years - 0 views

business.financialpost.com/...s-during-summer-spending-spree

canada debt consumer credit

shared by Nikita Klyuev on 17 Jan 13 - No Cached
  • Nikita Klyuev on 17 Jan 13
     
    Credit reporting agency TransUnion's latest quarterly analysis of Canadian credit trends found average consumer non-mortgage debt jumped 4.6% year-over-year in the third quarter to an average of $26,768.
Dyena Huynh

Study: Canadian consumer debt hits $26,768, highest in two years - 1 views

www.digitaljournal.com/...336848

shared by Dyena Huynh on 26 Nov 12 - No Cached
  • Canadian consumer debt grew at the fastest pace since the fourth quarter of 2010
  • Bank of Canada Governor Mark Carney has been warning households of its growing debt rate and officials are continuing to caution that household spending levels are starting to get out of control.
  • Dyena Huynh on 26 Nov 12
     
    1. Why do think consumer debt increased so much? 2. They say that getting consumers to spend more will help boost the economy, but is it beneficial when consumers are going into debt?
  • Brijesh Patel on 26 Nov 12
     
    1. i believe consumer debt has increased drastically because the generation is upgrading really quickly with new things, mainly technology and many people want to be caught up with the latest trends whether it is buying the latest iphone, clothing, real estate, buying a car etc. People begin to borrow heavy loans without thinking of a way to pay back therefore causing a big debt to themselves.
  • Samson Luong on 27 Nov 12
     
    1. I believe consumer debt has increased greatly due to the need to purchase luxuries and unnecessary goods because we live in a society where we live in a society where you feel incomplete if you do not possess a certain good. 2. I think spending money to a certain point is beneficial because it helps circulate cash, however consumers should not be spending to a point where they cannot pay back debts. Also people can spend money wisely rather on unnecessary and expensive goods.
Brijesh Patel

Consumer Debt loads grow at fast pace in 2 years - 0 views

www.cbc.ca/...transunion-debt-credit.html

debt hits new ratio

shared by Brijesh Patel on 18 Jan 13 - No Cached
  • Brijesh Patel on 18 Jan 13
     
    Canadian debt loads grew at their fastest pace in two years during the summer
  • Brijesh Patel on 18 Jan 13
     
    Non-mortgage debt jumped 4.6 per cent
  • Brijesh Patel on 18 Jan 13
     
    Household market debt has risen to 163% of disposable income
Erica Yeo

The widening gap in Canada's labour market - The Globe and Mail - 1 views

www.theglobeandmail.com/...article4104784

inequality canada challenges skillsgap solutions globeandmail

shared by Erica Yeo on 16 Jan 13 - No Cached
  • A fault line is splintering Canada’s labour market into those who can’t find work and those who can’t find workers.
  • employers across the country say they can’t find the right workers for all kinds of available jobs.
  • Groups with high jobless rates such as aboriginal people, recent immigrants and those with disabilities are struggling to land good jobs, limiting their ability to climb the economic ladder.
  • ...11 more annotations...
  • At the same time, employers from Newfoundland and Labrador to the Prairies say shortages are constraining their ability to grow, innovate and compete.
  • Structural shifts in the labour market mean “workers in declining industries may not have the skills or experience to match immediately the needs of employers in expanding industries,”
  • Unemployment is high, even as the number of job vacancies continues to rise
  • That means more-efficient partnerships between employers and universities and colleges,
  • Despite the presence of the local universities churning out tech graduates, he estimates there are about 1,900 current vacancies for technical jobs in the Kitchener-Waterloo region “that are unfilled and have been for some time.
  • Last month it called on the federal and provincial governments to work with employers to find strategies to overcome expected shortfalls.
  • It says improving skills and workplace training should become a national priority, and recommended more companies make a “strategic decision to take a direct role in creating the skilled workforces and talent pipelines they need.”
  • In Canada, part of the problem is that many people haven’t pursued careers in areas where all the job growth is happening. Mining and energy extraction are, by far, the fastest-growing segments of job growth in Canada over the past year, with employment gains of 5.7 per cent.
  • “The lack of young people pursuing further education in engineering and science and technology, is definitely a strain on our ability to grow,”
  • the labour market imbalance “is the largest threat to our economy,”
  • Without that effort, he estimates 1.5 million jobs could go unfilled in 10 years’ time.
Rohan Zahur

Average Consumer Debt in Canda past 26700 - 0 views

www.ctvnews.ca/...da-rises-past-26-700-1.1037894

Consumer debt

shared by Rohan Zahur on 17 Jan 13 - No Cached
  • Rohan Zahur on 17 Jan 13
     
    Canadian debt loads grew at their fastest pace in two years during the summer Canadian instalment loan borrower debt grew 2.3 per cent over the third-quarter of last year to an average of $22,849
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