Canadians appear to getting back on track with their card debt management as the economy recovers, according to Canadian Imperial Bank of Commerce and National Bank of Canada.
This is further supported by the decrease in provision for bad loans where in there is a reduction from $367-million to $275-million.
As CIBC confirmed, the improve credit card debt management is brought by lower write-offs in the cards and personal lending portfolios. The National Bank, on the other hand, relate this reduction to the credit card losses.
Generally speaking, Canada has fared better than US in the global economy downturn and financial crisis.