Younger Canadians Missing Payments on Credit Products: Equifax
Published on August 27, 2024
An Equifax Canada report says missed credit payments were higher among younger Canadians in the second quarter due to living costs and unemployment. Equifax says one in every 17 Canadians aged 26-35 missed a credit payment, compared with one in 23 overall. The report says delinquency rates for auto loans and lines of credit were also particularly high among younger Canadians, indicating financial pressures faced by the demographic. Equifax says the rate of missed credit payments among Canadians aged 26-35 was at 1.99 percent in the second quarter of 2024. That’s up 21.6 percent from a year earlier. The report says consumer debt levels rose to $2.5 trillion, up 4.2 percent since the second quarter of 2023....