Credit card
© Danil Chepko / 123RF Stock Photo

Household debt growth ramped up in July, with both mortgage borrowing and credit card debt accelerating, according to Statistics Canada.

Total household debt rose by 0.3% in July to $2.87 trillion, the national statistical agency reported.

Mortgage debt was up 0.3% in the month, and rose by 3.4% on an annualized basis, StatsCan said.

This represented the second straight month of faster growth, coming on the heels of three months of slower accumulations.

Non-mortgage debt was up by 2.9% on an annualized basis in July, marking a sharp jump from the 0.8% annual pace recorded in June.

In particular, credit card debt increased by 1.4% in the month — far outpacing the 0.2% rise in other forms of non-mortgage borrowing.

StatsCan noted that outstanding balances on home equity lines of credit actually declined by $0.8 billion in July.