Manitobans increasing debt and missing payments: report
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.
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