Demand for credit increases in Western Canada

Credit reporting service Equifax Canada says demand for credit has increased for four quarters in a row in Western Canada, while demand in Eastern Canada continues to slow.  Overall consumer debt (including mortgages) has risen slightly year over year from $1.4-trillion to $1.42-trillion.

As a collection agency with offices in Edmonton, Calgary and the GTA we are watching with keen interest the unfolding of events with respect to these phenomenon and their impact (or lack thereof) on Canadian credit markets.

Consumer demand for credit remains brisk over the last quarter rising 2.7% while bankruptcies are down and the overall delinquency rate (accounts past due over 90 days) is down 3.9%.

Year over year installment loans are up 11.8% while credit cards debt increased 4.8%.  While more new credit cards have been issued over the last year  on average consumers are carrying smaller balances.