Canadians deeper in debt in 2012 due to auto financing

auto financing debtPostmedia News reports Canadians are deeper in debt in 2012, with non-mortgage debt up 3.4%.  The large increase, a 9.7% rise in Canadian debt levels was due to auto financing.

Auto financing through banks or dealerships financial brands contributed to this spike where more Canadians are buying or leasing new vehicles. The lower interest rates in Canada may make it attractive for Canadians to get into a new car or new lease, but across the provinces the rising debt levels of Canada is suggested that it will catch up.

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