Want to know whether Canadians will soon not be paying their debts? Then listen to the debt-canary:
“The number of Canadians falling behind on their credit card payments is rising, and could be a sign of trouble ahead in the Canadian lending market. Canadians tend to let payments on their plastic slip before falling behind on other loans, including mortgages and car payments, and lenders see a spike in credit card delinquencies as the "canary in the coal mine," advisory services firm Deloitte said in a report released yesterday. Credit card delinquencies spiked by 5 to 10 per cent in October and November of 2008 from the same period the year before, according to interviews Deloitte conducted in December with a variety of lenders. As of February, 2008, outstanding credit card balances in Canada totalled more $80-billion, Deloitte said, citing industry newsletter The Nilson Report.”
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