OTTAWA – Statistics Canada says households paid down a document quantity of non-mortgage debt within the first 12 months of the pandemic as mortgage debt climbed by much more.
The company says from the onset of the pandemic to January 2021 that non-mortgage debt fell by $20.6 billion, together with a $16.6-billion drop in bank card debt.
The lower got here as mortgage debt rose by a document $99.6 billion over the identical interval.
Statistics Canada says households had been carrying about $2.5 trillion in excellent debt one 12 months into the pandemic, roughly two-thirds of which was mortgage debt.
The excellent steadiness carried on bank cards fell to $74 billion in January 2021 from $90.6 billion simply previous to the pandemic in February 2020.
The company says within the 20 years previous to the pandemic, the excellent steadiness carried on bank cards had risen on common by 20.7 per cent per 12 months.
This report by The Canadian Press was first revealed Aug. 23, 2021.