Missed Credit Payments Rise as Canadian Consumer Debt Hits Record High, Equifax Reports

Reuters11-26
Missed Credit Payments Rise as Canadian Consumer Debt Hits Record High, Equifax Reports

Equifax Inc.'s latest Q3 Market Pulse Quarterly Consumer Credit Trends and Insights report shows a renewed rise in missed credit payments among Canadians, with 1.45 million consumers missing a credit payment in Q3 2025-over 46,000 more than the previous quarter. The national 90+ day non-mortgage balance delinquency rate climbed to 1.63%, up 14% year-over-year. Total consumer debt increased to $2.62 trillion, with average non-mortgage debt per consumer rising to $22,321. The report highlights that financial stress is particularly acute among younger Canadians, especially those aged 18-35, and is more pronounced in urban centers. Among 26-35-year-olds, the 90+ day non-mortgage delinquency rate rose to 2.45%, a 20.51% year-over-year increase. The majority of missed payments were among non-mortgage households, with 84% of those who missed payments not holding a mortgage. Equifax also notes that mortgage holders, particularly in cities like Toronto, are facing increasing financial challenges, with rising missed payments on credit cards, personal loans, and mortgages. The holiday season is expected to further impact credit card spending and missed payment rates, as spending typically rises by $300-$500 per consumer and missed card payments increase by about 7% in January. In the auto industry, new headwinds have emerged as synthetic ID fraud is leading to increasing auto loan stacking losses. In January 2025, an estimated one-third of auto loans over $10,000 that missed payments in Q3 were linked to synthetic ID fraud, contributing to approximately $450 million in annual losses for auto lenders.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Equifax Inc. published the original content used to generate this news brief via GlobeNewswire (Ref. ID: GNW9592585-en) on November 26, 2025, and is solely responsible for the information contained therein.
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