Trends in household non-mortgage loans : the evolution of Canadian household debt before and during COVID-19 / by Michael Daoust and Matthew Hoffarth. : CS11-621/115E-PDF

"During the pandemic, household non mortgage borrowing saw record declines, while household mortgage borrowing expanded to new highs. Due in large part to support measures from all levels of government, households saw their disposable incomes rise through the pandemic, as the cumulative effects of these support measures more than offset lost wages. As a result of increased disposable incomes and declining consumption, many households used the pandemic as an opportunity to pay down expensive debt, with the balances of unsecured lines of credit and credit cards being paid down in record amounts. Those who saw the greatest reduction in these outstanding balances were those with the lowest credit ratings, suggesting that those most vulnerable to financial hardships were able to use savings prudently during the pandemic. Despite an uptick in the economy as businesses reopened into the latter half of 2020, credit card debt continued to decline, while the total outstanding balance of non mortgage debt ended the year below its pre pandemic highs. With the economy looking to reopen fully, many Canadians will likely find themselves carrying lighter non-mortgage debt balances than they had going into the pandemic"--Conclusion, page 22.

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