Manitobans increasing debt and missing payments: report
New numbers show Manitobans are racking up debt and, in some cases, not making payments.
A new report from Equifax found Canada's total consumer debt climbed to $2.36 trillion in the third quarter of this year, an increase of about 7.3 per cent from last year.
The report also found credit card spending in the third quarter of 2022 was up 17.3 per cent from last year, an all-time high for the time period.
Rebecca Oakes, vice president of advanced analytics at Equifax Canada, said it's being fuelled by pent-up demand from the pandemic and people trying to make ends meet.
"But we do believe there is another end of the scale where there are some consumers potentially who are finding right now with high inflation, high cost of living, a bit of a challenge, they are starting to put some of their day-to-day living expenses on their credit cards," explained Oakes.
Manitoba has the lowest amount of debt in the country, with the average person carrying $17,095 worth of debt, not including mortgages. That figure increased 0.49 per cent from last year but still remains around $4,000 less than the national average.
Manitoba's delinquency rates, however, rose to one of the highest in the country at 1.25 per cent. A statistic that surged 23.05 per cent this year, well above the national year-over-year change of 7 per cent.
"The good news, I guess in a way, is that we are coming from a low period. Even though we are seeing delinquencies rise, it is from that low point, so it's nothing to panic about just yet," said Oakes.
Brad Milne, a licensed insolvency trustee and senior vice president at MNP Ltd. said bankruptcy filings are also on the rise in Manitoba but notes they are only returning to pre-pandemic levels.
He said people in financial difficulty should not turn to credit cards amid the holiday season.
"Definitely, we should try to stay off them and, like I say, operate on a cash basis. It's definitely easier said than done," said Milne.
Milne recommends Manitobans cut back on non-essential spending and sit down to review their finances.
In extreme cases of debt, Milne recommends going to a professional sooner rather than later.
CTVNews.ca Top Stories
American millionaire Jonathan Lehrer denied bail after being charged with killing Canadian couple
American millionaire Jonathan Lehrer, one of two men charged in the killings of a Canadian couple in Dominica, has been denied bail.
LeBlanc says he plans to run in next election, under Trudeau's leadership
Cabinet minister Dominic LeBlanc says he plans to run in the next election as a candidate under Prime Minister Justin Trudeau's leadership, amid questions about his rumoured interest in succeeding his longtime friend for the top job.
Sports columnist apologizes for 'oafish' comments directed at Caitlin Clark. The controversy isn’t over
A male columnist has apologized for a cringeworthy moment during former University of Iowa superstar and college basketball’s highest scorer Caitlin Clark’s first news conference as an Indiana Fever player.
U.S. vetoes a widely supported UN resolution backing full membership for Palestine
The United States has vetoed a widely backed UN resolution that would have paved the way for full United Nations membership for the state of Palestine.
Grandparent scam suspects had ties to Italian organized crime, police allege
A group of suspects that allegedly defrauded seniors across Ontario and other parts of Canada using a so-called emergency grandparent scam appear to have ties to 'Italian traditional organized crime,' according to an investigator involved in the OPP-led probe.
Health Canada to change sperm donor screening rules for men who have sex with men
Health Canada will change its longstanding policy restricting gay and bisexual men from donating to sperm banks in Canada, CTV News has learned. The federal health agency has adopted a revised directive removing the ban on gay, bisexual and other men who have sex with men, effective May 8.
Prince Harry formally confirms he is now a U.S. resident
Prince Harry, the son of King Charles III and fifth in line to the British throne, has formally confirmed he is now a U.S. resident.
Cat found on Toronto Pearson airport runway 3 days after going missing
Kevin the cat has been reunited with his family after enduring a harrowing three-day ordeal while lost at Toronto Pearson International Airport earlier this week.
N.L. gardening store revives 19th century seed-packing machine
Technology from the 19th century has been brought out of retirement at a Newfoundland gardening store, as staff look for all the help they can get to fill orders during a busy season.