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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 904,692,428
Close 2022-09-07 C$ 61.84
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Globe/CP say CIBC, rivals hear non-mortgage debt rising

2022-09-07 07:37 ET - In the News

Also In the News (C-BMO) Bank of Montreal
Also In the News (C-BNS) Bank of Nova Scotia
Also In the News (C-NA) National Bank of Canada
Also In the News (C-RY) Royal Bank of Canada
Also In the News (C-TD) Toronto-Dominion Bank

The Globe and Mail reports in its Wednesday edition that the amount of non-mortgage debt owed by Canadians is rising, says a new report by Equifax Canada. A Canadian Press dispatch to The Globe reports that Equifax said the average non-mortgage debt by consumer was $21,128 in the second quarter, up 2.4 per cent compared with a year earlier. Equifax's Rebecca Oakes says the financial stress is becoming a very real thing for many more Canadians. She says, "Its impact on consumer credit is not just visible in day-to-day credit card spending, but also in other non-mortgage debt like auto loans and lines of credit, where balances are on the rise." Equifax says credit card balances rose to the highest level since the fourth quarter of 2019 and the average credit limit on new cards is over $5,800, the highest it has been in the last seven years. Over all, Equifax says total non-mortgage debt rose to $591.4-billion, up 5.2 per cent from a year ago, while total consumer debt rose to $2.32-trillion in the second quarter, up 8.2 per cent compared with the same quarter last year. The report comes as economists anticipate a supersized interest-rate hike from the Bank of Canada on Wednesday, as it works to combat inflation.

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