Equifax Canada has reported an increase in the number of consumers who missed a non-mortgage debt payment in the third quarter compared to the previous year. The 90-day non-mortgage balance delinquency rate rose to 1.63 per cent, marking a 14 per cent increase from the third quarter of the prior year. This uptick occurred alongside a 3.4 per cent rise in overall consumer debt, reaching $2.62 trillion.
In the third quarter, the average non-mortgage debt per consumer was $22,321, reflecting a $511 increase from the previous year. Rebecca Oakes, Equifax Canada’s vice-president of advanced analytics, noted initial signs of stabilization earlier in the year but pointed out a resurgence of stress in the third quarter, particularly among younger households and urban homeowners.
Oakes highlighted that credit card spending typically surges during the holiday season, emphasizing that the upcoming weeks will be critical for many Canadian consumers as they navigate their financial obligations.