Numbers are subject to revision as reporting methodologies continue to evolve. Source: Financial Consumer Agency of Canada * home equity lines of credit  Second, shifts in household spending have also played an important role in limiting the need for additional borrowing. As discretionary spending has declined, so has the demand for credit typically used to make such purchases.
This is especially true for big-ticket purchases such as cars. In April, consumer credit, which includes auto loans, declined by about 15 percent on a three-month annualized basis, marking one of its biggest drops on record (Chart 13). 17  16 Payment deferrals will themselves add modestly to debt as interest on deferred principal payments accrues.