Canadian now owes $22,081

The average Canadian now owes $22,081 in consumer debt, a figure that doesn't include any mortgages, debt monitoring firm Equifax says.

In a report released Wednesday, Equifax says the debt figure increased by 3.6 per cent in the third quarter of 2016 compared to the same period a year ago. All in all, consumer debt now stands at more than $1.7 trillion. 

But while the average is rising, that figure belies an interesting paradox: Many people owe nothing at all, but those who do are borrowing more and more.

"The majority of consumers are actually decreasing their debt," said Equifax's senior director, Regina Malina, "but those who are still increasing it are adding larger amounts on average and by enough to increase the total levels.

"The fact is people who can afford to do so are buying more cars, spending more on housing and borrowing more," she added.

"On average, Canadians across the country are managing their debt wisely, with the majority paying off their credit cards in full every month and few making only the minimum payments. We encourage them to continue to be budget-conscious heading into the holiday shopping period."

While the overall debt figure is ticking up, two specific types of debt are growing rapidly. Auto loans and instalmentloans are showing significant increases of 7.8 per cent and 7.7 per cent year over year, respectively.