Equifax record says 1.4 million shoppers recalled credit score cost in Q1

A new equipment report shows that there is a deep division among consumers in front of financial uncertainty compared to those missing payments compared to a year ago.

Rebecca Ox, Vice President of Equifax Canada’s Advanced Analytics, stated that the high cost of life, increasing unemployment and growing trade stresses, is most of the trend.

“To pay anyone, you need an income, you need to do good employment.” “When there is economic uncertainty, it produces some effect.”

The report found one of 22 consumers, or 1.4 million people, missed at least one credit payment during the first quarter, even average monthly credit card expenses fell from $ 107 per card holder.

He said, “We really think that it is more with pulling back at that discretionary expenses.

“When you start looking at that economic uncertainty, it is connected to all kinds.”

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The report stated that the consumer-level crime between non-manager holders increased by 8.9 percent year-on-year, compared to 6.5 percent for mortgage holders.

In the first quarter, the average non-manager loan per consumer per consumer per consumer was increased to $ 21,859, mainly operated by a strong auto loan market because buyers used to look at the car purchase before the potential tariff-inspired price hike.

The report showed that small consumers see a difficult walk. Credit card rates between that Kohrket were 5.38 percent, year -on -year 21.7 percent.

“If you have received credit commitments and your day-to-day cost increases or it is difficult to get employment, or maybe your income has not increased on the same amount, such as the cost of life, then it is difficult that it is difficult to continue what you have paid,” Ox said.

The report showed that the total consumer loan increased to $ 2.55 trillion in the first three months of 2025, which was four percent year -on -year, but more than $ 6 billion from the end of 2024.

A high number of mortgage renewal was also added to the increased level of loan. Many household owners who were closed at low interest rates at the beginning of the Kovid -19 epidemic, are looking at the hostage renewal, called Oux called “The Great Renewal”.

The report showed that Ontario became a warm place of financial stress during the first quarter. The 90-Plus Day mortgage rate of the province increased by 0.24 percent from last year.

Ox said, “We are only seeing payments related to consumers who have a hostage in Ontario.”

The province also saw the highest non-manager late rate, which is 24 percent year-on-year, followed by Alberta and Quebec.