A new Equifax report says there’s a deepening divide between consumers in the face of economic uncertainty as those missing payments rose compared with a year ago. The report finds one in 22 consumers, or 1.
A new Equifax report says there’s a deepening divide between consumers in the face of economic uncertainty as those missing payments rose compared with a year ago.
The report finds one in 22 consumers, or 1.4 million people, missed at least one credit payment during the first quarter, even as the average monthly credit card spend fell by $107 per cardholder.
However, it says consumer-level delinquency rates among non-mortgage holders rose 8.9 per cent year-over-year, compared with 6.5 per cent for mortgage holders.
Equifax says younger Canadians were hit hardest, with a 15.1 per cent increase in delinquency rates for the 18-to-25 age group.
The report says total consumer debt grew to $2.55 trillion in the first three months of 2025, up four per cent year-over-year, but down more than $6 billion from the end of 2024.
Equifax Canada vice-president of advanced analytics Rebecca Oakes says despite a slowdown in demand for non-mortgage debt, overall balances remained fairly flat, an indication that consumer payment levels may be falling.
This report by The Canadian Press was first published May 27, 2025.
Ritika Dubey, The Canadian Press
