At last count, the average consumer had $25,163 of non-mortgage household debt. The average household carried an additional $74,667 in mortgage debt.
Revolving credit has been a primary driver in overall indebtedness levels, jumping 17.5% year-over-year (as of the most recent figures from TransUnion).
Mortgage credit rose 7.6% annually over a similar timeframe. CIBC says that figure is closer to 7% now, and is estimated at 5% for 2011.
Looking forward, the growth rate for mortgage debt will slow as home prices moderate and interest rates climb. The government’s new mortgage restrictions will curb volume even more.
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