Mortgage delinquencies remain at record lows thanks to steps lenders have taken to shield borrowers from higher rates, but measures taken create risks down the road.
Household finances are showing more signs of cracking under the weight of large debt loads and high interest rates – except when it comes to the most critical loans of all: mortgages.
The strain is obvious in credit cards and vehicle loans. New figures from the central bank this week show delinquency rates for both products are now higher than they were before the pandemic. While they are still relatively low – less than 1 per cent – the trajectory has economists worried.
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