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
Poilievre will do 'anything to win,' must condemn Alex Jones endorsement: Trudeau
Prime Minister Justin Trudeau is ramping up his attacks on Conservative Leader Pierre Poilievre as he promotes his government's federal budget.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.
'One of the single most terrifying things ever': Ontario couple among passengers on sinking tour boat in Dominican Republic
A Toronto couple are speaking out about their 'extremely dangerous' experience on board a sinking tour boat in the Dominican Republic last week.
Ottawa injects another $36M into fund for those seriously injured or killed by vaccines
The federal government has added $36.4 million to a program designed to support people who have been seriously injured or killed by vaccines since the end of 2020.
Video shows suspects waving weapons, smashing glass in Toronto jewelry store robbery
Arrests have been made after five men were captured on video rampaging through a jewelry store in Toronto, waving weapons and smashing glass display cases.
Ex-SNC executive sentenced to prison term in bridge bribery case
The RCMP says a former SNC-Lavalin executive has been sentenced to three and a half years in prison in connection with a bribery scheme for a bridge repair contract in Montreal.
What Canadians think of the latest Liberal budget
A new poll suggests the Liberals have not won over voters with their latest budget, though there is broad support for their plan to build millions of homes.
opinion Why you should protect your investments by naming a trusted contact person
Appointing a trusted person to help with financial obligations can give you peace of mind. In his personal finance column for CTVNews.ca, Christopher Liew outlines the key benefits of naming a confidant to take over your financial responsibilities, if the need ever arises.
Teacher shortages see some Ontario high school students awarded perfect grades on midterm exams
Students at a high school in York Region have been awarded perfect marks on their midterm exams in three subjects – not because of their academic performances however, but because they had no teacher.