Equifax: Non-Mortgage Debt Delinquency Rises 14% as Consumer Debt Hits $2.62 Trillion

The increase occurs as overall consumer debt totals $2.62 trillion, a 3.4% rise from a year ago.

Equifax Canada reports that the number of consumers who missed a payment on their non-mortgage debt rose in the third quarter compared with the previous year.

The company stated that the 90-day non-mortgage balance delinquency rate reached 1.63%, marking a 14% increase compared with the third quarter of last year.

This increase comes as overall consumer debt totalled $2.62 trillion, representing a 3.4% increase compared with a year ago.

The average non-mortgage debt per consumer in the third quarter was $22,321, which is an increase of $511 from a year earlier.

Rebecca Oakes, vice-president of advanced analytics at Equifax Canada, noted that while there were tentative signs of stabilization earlier this year, the third-quarter data signaled renewed stress, particularly among younger households and homeowners located in urban centers.

Oakes added that credit card spending typically sees an uptick during the holiday season, making the next few weeks a decisive moment for many consumers across Canada.