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 by 14% to reach 1.63%. Concurrently, the total consumer debt climbed to $2.62 trillion, marking a 3.4% uptick from the previous year.
On an individual level, the average non-mortgage debt per consumer in the third quarter stood at $22,321, reflecting 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 stabilization earlier in the year, the third-quarter data pointed to renewed stress, particularly among younger households and urban homeowners.
Oakes further noted that credit card spending tends to escalate during the holiday season, making the upcoming weeks a critical period for many Canadian consumers to manage their finances effectively.