According to recent data from TransUnion (one of Canada’s largest credit bureaus) mortgage debt has slowed but consumers are still accumulating record amounts of other debt.
Consumers are obtaining more credit cards, lines of credit and loans to purchase those items they need/want. TransUnion has reported an almost 6 per cent increase in the last three months of 2012 compared to the same period a year earlier.
Mortgage interest rates have not gone up in 2 years. Bank of Canada Governor Mark Carney has stated this will not last forever and with the recent new tightening of the mortgage lending guidelines it has become even harder for consumers to get approved in today’s market.
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