The company said the 90-day non-mortgage balance delinquency rate was 1.63%, up 14% from last year’s third quarter.
The increase was driven by overall consumer debt totaling $2.62 trillion, a 3.4% increase from the same period last year.
The average non-mortgage debt per consumer in the third quarter was $22,321, an increase of $511 from the same period last year.
Rebecca Oakes, senior vice president of analytics at Equifax Canada, said there were tentative signs of stabilization earlier this year, but third-quarter data showed some new pressures, particularly among younger families and homeowners in urban centers.
Oakes added that credit card spending typically increases during the holidays, and the coming weeks will be a defining moment for many Canadian consumers.
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Consumer Debt Credit Card Delinquencies Equifax Canada Delinquent Payments Non-Mortgage Debt Rebecca Oakes Canadian Media
Last modified: November 26, 2025
