A new Equifax Canada report says low interest rates and falling oil prices drove up consumer debt and delinquency rates in the third quarter. The credit reporting agency found that average debt increased by 3.6 per cent to $22,081 in the quarter endedSept. 30 compared to the same period last year. As of the third quarter, Canadian consumers owed $1.702 trillion compared to $1.587 trillion a year earlier.
CENTRAL BANK TO ANNOUNCE INTEREST RATE
The Bank of Canada is set to make its final interest rate announcement of the year today. The central bank is widely expected to keep its interest rate target set at 0.5 per cent, where it has been sitting since July 2015.
The 14 candidates in the race to be crowned the next leader of the federal Conservatives crowded a Moncton stage last night for their second official debate. The controversial Energy East pipeline project was a prime topic, with the candidates making arguments for and against it. Lisa Raitt said Energy East construction should have already begun and blamed Prime Minister Justin Trudeau for the delays.