Credit cards: Canadians more indebted than 60%

Canadians increasingly difficult to repay their debts on their credit cards, according to rating agency.
According to an agency report, the amount of consumer debt the country has jumped 60% in the second quarter of 2009 compared to the same period last year. The rate of failure - accounts that are delinquent for more than 30 days - it rose 23% during the same period.
Direct consequence of this increase in debt, lenders canceled 4.8% of the debts listed in their books, what constitutes a record. Last year they did the same thing with 3.07% of these debts.
This figure could rise during the coming months. The agency said the rising unemployment rate will take up the radiation levels of bad debts. In August, the unemployment rate was 8.7% and could climb to 9.6% in the second quarter of 2010.
However, the number of defaults has fallen by 2.9% over the first quarter of the year.