Average Haligonian Owes $23K

Equifax Canada has released its National Consumer Credit Trends Report looking at consumer debt across Canada.

It reveals Canadians owe $166 trillion in debt. In Nova Scotia, consumer debt levels, excluding mortgages, sit at an average of nearly $22,000 per person, that’s a 4.3 per cent increase over last year. In Halifax, that number goes up to just over $23,000.

The report says debt among seniors is significantly increasing, up eight per cent year over year.

The delinquency rate among young millennials, between 18 and 25, also increased 11 per cent in the second quarter from one year ago.