Equifax says more Canadians are missing non-mortgage loan payments
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Equifax Canada says the number of consumers who missed non-mortgage loan payments in the third quarter increased from a year earlier.
The company says the 90-day non-mortgage balance delinquency rate was 1.63 percent, up 14 percent from the third quarter last year.
The increase came as total consumer debt hit $2.62 trillion, a 3.4 percent increase from a year earlier.
Average non-mortgage debt per consumer was $22,321 in the third quarter, up $511 from a year earlier.
Rebecca Oakes, vice-president of advanced analytics at Equifax Canada, says there were tentative signs of stabilization earlier this year, but third-quarter data indicated some new stress, particularly among young families and homeowners in urban centres.
Oakes said credit card spending typically increases during the holiday season and the next few weeks will be a defining moment for many consumers in Canada.
