The average Canadian household debt fell 2 percent between the last quarter of 2012 and the first three months of 2013 to reach $ 26 935 excluding the mortgage, according to the study by TransUnion MarketTrends.
The total debt still 3.5 percent higher than a year ago, but this quarterly decline is the first since the third quarter of 2011 and the largest since the company began collecting data in 2004.
Although this drop is significant, the vice president of TransUnion MarketTrends, Thomas Higgins, says it's too early to see a trend. He also noted that the decline in 2011 was quickly followed by surges in 2012.
The Bank of Canada has welcomed this global trend towards greater financial frugality among Canadian households, particularly in regard to mortgages, which account for the largest share of the total debt.
However, the bank continues to warn Canadians could be caught short when interest rates begin to rise.
According to Thomas Higgins, a Canadian pay on average $ 1,398 in interest each year on its line of credit, but this amount would increase by $ 350 if interest rates rose by one percentage point, and $ 699 if the increase was two percent.
Because of the extremely low interest rates, delinquency rates remain low for all credit products, said TransUnion MarketTrends.
In terms of consumer debt - which includes credit card debt, lines of credit, installment loans and auto loans - all provinces except British Columbia posted a decline in quarterly the first three months of 2013. In British Columbia, the increase was 3.7 percent.