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CALGARY A new report released by LowestRates.ca on Tuesday shows Alberta saw a drop of 3.6 percent in automobile insurance premiums for the first quarter of 2021. However they still remain nearly 15 percent higher, year over year. “Now it s reached an equilibrium, or close to reaching an equilibrium where insurance companies want to compete for Alberta drivers business,” said Justin Thouin, co-founder of LowestRates.ca. Thouin says the removal of a five per cent premium cap on insurance rates from the UCP started the increase of rates nearly two years ago. The cap was brought in by the previous NDP government.
Strongest its been all year : Value of non-mortgage loans tops $600 million Newshub 10 hrs ago Priscilla Dickinson © Getty Images. A June Centrix report shows non-mortgage lending is up 38 percent from April to May 2021. © Provided by Newshub
Non-mortgage borrowing including personal loans has topped $600 million, the highest level in three years, a new report shows.
The June Centrix Credit Indicator Outlook released on Tuesday, shows non-mortgage borrowing, including personal loans, buy now pay later, vehicle financing and credit cards, was up 38 percent in May compared to April - the highest level since 2018.
Centrix managing director Keith McLaughlin said the latest data indicates Kiwis are borrowing more to buy cars and other luxury items. Use of buy now, pay later has increased slightly and demand for credit cards is flat.
Record low interests rates and a heated property market have caused consumer credit limits to grow by 40 percent in the past year.
Credit cards account for 6.8 percent of the country s credit limit, with mortages by far the largest proportion, at 90 percent.
Photo: 123RF
Data out from credit bureau Centrix shows the total credit limit for New Zealanders increased by $28 billion to $306bn, more than three times the government s net debt.
Credit limits are a measure of how much debt a person, business or a government can borrow and pay back. The increase in our credit limit has been driven by renewed consumer confidence and record low interest rates, which has seen increasing numbers of Kiwis become more comfortable with borrowing, Centrix managing director Keith McLaughlin said.
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