By The Canadian Press

Financial Delinquency Rates Climb in Alberta and Saskatchewan

Aug 18, 2016 | 7:27 AM

OTTAWA:  Delinquency rates in Alberta and Saskatchewan climbed higher in the second quarter due to the continued fallout from the drop in the price of oil.

Equifax Canada says the delinquency rate for Alberta stood at 1.4 per cent, up 40.3 per cent compared with a year ago. The rate in Saskatchewan climbed to 1.2 per cent, a gain of 22.7 per cent.

Newfoundland, which has also been hit by the downturn in oil, was up 19.4 per cent at 1.3 per cent.

The national delinquency rate was 1.1 per cent, up 4.1 per cent from a year ago.

The rise in delinquency came as the total amount Canadians owe increased in the second quarter to $1.66 trillion, up 6.3 per cent compared with a year ago, according to data compiled by Equifax.

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The credit monitoring agency says the increase came due to growth in instalment loans, auto loans and mortgages. Excluding mortgages, consumers owed on average $21,878, up 3.4 per cent from a year ago.