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
How quietly promised law changes in the 2024 federal budget could impact your day-to-day life
The 2024 federal budget released last week includes numerous big spending promises that have garnered headlines. But, tucked into the 416-page document are also series of smaller items, such as promising to amend the law regarding infant formula and to force banks to label government rebates, that you may have missed.
Which foods have the most plastics? You may be surprised
'How much plastic will you have for dinner, sir? And you, ma'am?' While that may seem like a line from a satirical skit on Saturday Night Live, research is showing it's much too close to reality.
opinion I've been a criminal attorney for decades. Here's what I think about the case against Trump
Joey Jackson, a criminal defence attorney and a legal analyst for CNN, outlines what he thinks about the criminal case against Donald Trump in the 'hush money trial.'
$3.8M home in B.C.'s Okanagan has steel shell for extra wildfire protection
A home in B.C.'s Okanagan that features a weathering steel shell designed to provide some protection against wildfires has been listed for sale at $3.8 million.
Diver pinned under water by an alligator figured he had choice. Lose his arm or lose his life
An alligator attacked a diver on April 15 as he surfaced from his dive, nearly out of air. His tank emptied with the gator's jaws crushing the arm he put up in defence.
Psychologist becomes first person in Peru to die by euthanasia after fighting in court for years
A Peruvian psychologist who suffered from an incurable disease that weakened her muscles and had her confined to her bed for several years, died by euthanasia, her lawyer said Monday, becoming the first person in the country to obtain the right to die with medical assistance.
Mystery surrounds giant custom Canucks jerseys worn by Lions Gate Bridge statues
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
Celebrity designer sentenced to 18 months in prison for smuggling crocodile handbags
A leading fashion designer whose accessories were used by celebrities from Britney Spears to the cast of the 'Sex and the City' TV series was sentenced Monday to 18 months in prison after pleading guilty in Miami federal court on charges of smuggling crocodile handbags from her native Colombia.
Wildfire leads to evacuation order issued for northeast Alberta community
An evacuation order was issued on Monday afternoon for homes in the area of Cold Lake First Nation.