Equifax Canada reported an increase in the number of individuals failing to make non-mortgage debt payments in the third quarter compared to the previous year. The 90-day non-mortgage balance delinquency rate rose by 14% to 1.63%. This uptick occurred alongside a 3.4% growth in overall consumer debt, reaching $2.62 trillion.
On average, each consumer’s non-mortgage debt in the third quarter amounted to $22,321, marking a $511 increase from the previous year. According to Rebecca Oakes, Equifax Canada’s vice-president of advanced analytics, earlier signs of stabilization this year gave way to renewed stress in the third quarter, particularly affecting younger households and urban homeowners.
Oakes highlighted that credit card spending tends to escalate during the holiday season, emphasizing that the upcoming weeks will be critical for many Canadian consumers.
