Karyne Charbonneau is executive director and senior economist at CIBC Capital Markets
The pandemic didn’t do much to alter the upward trajectory of our debt, but it has changed the composition of it. Consumer debt went down as Canadians made fewer purchases while trapped indoors. Households saved a total of $300 billion that they probably wouldn’t have without COVID restrictions. Even as these delinquencies increase, it’s important to look at the big picture. The good news is that consumer-credit levels are still well below pre-pandemic levels. Still, the combination of inflation and housing prices means Canadians must be more thoughtful about how they borrow. It’s possible that people will become more inclined to keep their money now that they’re aware that a shock of pandemic-level proportions could happen at any time.
cibc We won't keep up. Declare bankruptcy?
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