CANADIANS OWE OVER 1 TRILLION DOLLARS – THE REPORT FROM EQUIFAX CANADA SHOWS THAT DESPITE RECENT EFFORTS BY POLICY-MAKERS TO CLAMP DOWN ON BORROWING, TOTAL CONSUMER DEBT IN CANADA ROSE $77 BILLION, OR 6.1 PER CENT, IN THE SECOND QUARTER OF 2013 FROM LAST YEAR, AND BY 6.5 PER CENT AMONG THOSE 65 AND OVER. THAT SURGE WAS DRIVEN BY AN 8.6 PER CENT INCREASE IN AUTO LOAN BALANCES AND A 7.4 PER CENT RISE IN OUTSTANDING MORTGAGE DEBT.
