FREE

Consumer Credit Report: Q3 2019

-- Debt to PDI increased to 176.2% in Q3 2019 from 175.6% in the previous quarter.

-- Canadians remained under pressure to service interest payments after a series of rate hikes. Elevated debt levels, higher int ere st rates, and rising cost of living contributed to a surge of 14.5% in insolvencies annually.

-- Personal savings as a proportion of disposable income improved, but remained low at 3.2% in Q3 2019.

-- Chartered banks continued to take the lead in consumer credit funding at 84.0% of the market.

-- Total loans secured by residential properties reached $1.84 trillion as of Q3 2019. While the total official home equity line of credit (HELOC) number was not available, it accounted for 12.5% of total loans with property as collateral as at Q4 2018.

-- Chartered banks expanded outstanding credit card funding by 4.6% to $90.3 billion. Canadian credit card receivables under securitization continue to perform well with a weighted average (WA) loss rate of 3.1%.

-- Loan issuance to purchase private passenger vehicles from chartered banks was up by 5.3%, reaching $81.5 billion. The average in terest rate on auto loans marginally rose to 4.38%. Cumulative credit losses in auto loan securitization remained low.