Canadians get deeper into debt, mostly buying cars

Canadians Dig Themselves Deeper in Debt

A consumer credit report released Thursday by Equifax Canada showed that Canadians pushed their non-mortgage debt 3.4 per cent higher in the first quarter than a year earlier. The numbers were driven largely by a 9.7 per cent rise in auto financing. The Equifax report, which looks at credit in the form of bank loans, lines of credit, credit cards and auto loans, showed that credit card debt actually fell, by 2.1 per cent, and has decreased for the past five quarters.