'He's in our hearts': Family and friends still seek answers one year after Nathan Wise’s disappearance
It’s been a year since Nathan Wise went missing and his family is no closer to finding out what happened to him.
Amid interest rate hikes and high inflation, more Canadians are turning to credit for relief, with consumer debt hitting a new record in the first quarter of 2023.
In a new report released Wednesday by TransUnion, the amount of outstanding debt that Canadians have amassed across all credit products has reached a new record of $2.32 trillion.
The number of Canadians with access to credit increased to 30.6 million, which is up 2.9 per cent from last year. Among existing credit debt, the volume of consumers adding additional credit products increased by 6.2 per cent. TransUnion says this is being driven by Gen Z consumers entering the credit market and new Canadians.
Higher credit balances drove minimum monthly payments higher and put pressure on consumers to use additional disposable income to cover payments in particular mortgages and lines of credit—which are vulnerable to interest rate changes.
The average line of credit monthly payment increased to $436, a 43 per cent increase year over year. While the average monthly mortgage payment rose to $2,032, a 15 per cent increase year over year.
The average payment for credit cards was 2.6 times over the minimum required. “This is a positive sign indicating healthy consumer behaviors towards their payment obligations,” said TransUnion’s press release.
The percentage of consumers past due on any account for 90 days or more, also referred to credit delinquency, increased by nine basis points to 1.57 per cent. The report notes that despite the increase, overall delinquency levels remain below pre-pandemic levels.
“As available disposable incomes become more stretched, we expect a segment of consumers will be more likely to miss payments, and as a result, that delinquency rates will rise,” said Matt Fabian, director of financial services research and consulting at TransUnion in Canada, in a press release Wednesday. “However, we expect any rise in delinquency rates to be moderate and in line with increased credit activity.”
TransUnions says it expects delinquency rates in Q1 of 2024 to be back to pre-pandemic levels at 2.19 per cent.
“Overall, the financial position of Canadian credit consumers improved coming out of the pandemic, bolstered by higher savings accumulated through the pandemic and supported by a strong labour market,” added Fabian.
It’s been a year since Nathan Wise went missing and his family is no closer to finding out what happened to him.
Dozens of Ontarians are expressing frustration in the province’s health-care system after their family doctors either dropped them as patients or threatened to after they sought urgent care elsewhere.
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
Amazon's paid subscription service provides free delivery for online shopping across Canada except for remote locations, the company said in an email. While customers in Iqaluit qualify for the offer, all other communities in Nunavut are excluded.
The fire burning near Fort McMurray grew from 25 hectares to 5,500 hectares over the weekend.
Russia’s President Vladimir Putin began a Cabinet shakeup on Sunday, proposing the replacement of Sergei Shoigu as defence minister as he begins his fifth term in office.
Police are searching for a male suspect after a man was “slashed in neck” on Sunday morning in downtown Toronto and died.
There were some scary moments for several people on a northern Ontario highway caught on video Thursday after a chain reaction following a truck fire.
Health Canada announced various product recalls this week, including electric adapters, armchairs, cannabis edibles and vehicle components.
English, history, entertainment, math and geography: high school trivia teams could be quizzed on any of it when they compete at the Reach for the Top Nationals in Ottawa in June.
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.
The threat of zebra mussels has prompted the federal government to temporarily ban watercraft from a Manitoba lake popular with tourists.
A small Ajax dessert shop that recently received a glowing review from celebrity food critic Keith Lee is being forced to move after a zoning complaint was made following the social media influencer’s visit last month.
The Canada Science and Technology Museum is inviting visitors to explore their poop. A new exhibition opens at the Ottawa museum on Friday called, 'Oh Crap! Rethinking human waste.'
The Regina Police Service says it is the first in Saskatchewan and possibly Canada to implement new technology in its detention facility that will offer real-time monitoring of detainees’ vital health metrics.
Just as she had feared, a restaurant owner from eastern Quebec who visited Montreal had her SUV stolen, but says it was all thanks to the kindness of strangers on the internet — not the police — that she got it back.