Equifax Canada has reported an increase in the number of consumers who have missed making a non-mortgage debt payment in the third quarter compared to the previous year. The 90-day non-mortgage balance delinquency rate climbed to 1.63 percent, marking a 14 percent rise from the third quarter of the previous year. The surge coincided with a 3.4 percent increase in total consumer debt, reaching $2.62 trillion.
On an individual level, the average non-mortgage debt per consumer in the third quarter stood at $22,321, showing a $511 increase from the previous year. Rebecca Oakes, Equifax Canada’s vice president of advanced analytics, highlighted that while there were initial signs of stability earlier in the year, the third-quarter data revealed a reemergence of financial strain, particularly among younger households and urban homeowners.
Oakes pointed out that holiday seasons typically witness a rise in credit card spending and emphasized that the upcoming weeks will be crucial for many Canadian consumers as they navigate their financial situations.
