Older Canadians’ growing mortgage debt a worrying trend

 

The rate of debt growth among Canadians overall appears to be declining, but seniors are taking on mortgage debt at an alarming rate, according to a report. The credit monitoring agency TransUnion reports that while the growth rate in borrowing in Canada has fallen for the third quarter in a row compared to a year ago, the volume of new mortgages among those aged 73 to 93 has jumped 63 per cent on a year-over-year basis. The reasons are various, but taking on large debt at this stage of life can have serious implications. Full story

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