Equifax Canada has reported an increase in the number of consumers who have missed a non-mortgage debt payment in the third quarter compared to the previous year. The 90-day non-mortgage balance delinquency rate rose by 14% to 1.63% in the same period. This uptick coincided with a 3.4% rise in overall consumer debt, reaching $2.62 trillion.
Individuals carried an average non-mortgage debt of $22,321 in the third quarter, representing a $511 increase from the previous year. According to Rebecca Oakes, Equifax Canada’s Vice President of Advanced Analytics, while there were initial signs of stability earlier in the year, the third-quarter data revealed a resurgence of financial strain, particularly among younger households and urban homeowners.
Oakes noted that holiday seasons usually witness a surge in credit card spending, highlighting the importance of the upcoming weeks for many Canadian consumers as a critical moment in managing their financial health.
