More Canadians Miss Non-Mortgage Debt Payments: Equifax

TORONTO Financial pressure appears to be mounting for many Canadian households. According to new data from Equifax Canada, the number of consumers missing non-mortgage debt payments including credit cards, auto loans, and lines of credit rose in the third quarter of 2025. 

Key Figures: Debt Up, Delinquencies Up

• The 90-day non-mortgage delinquency rate climbed to 1.63%, up 14% year-over-year.
  
• In Q3 alone, about 1.45 million Canadians missed a credit payment roughly 46,000 more than in the previous quarter.
  
• Total consumer debt has reached $2.62 trillion, a 3.4% increase from a year ago, while the average non-mortgage debt per consumer rose to $22,321.
  

Who Is Most Affected? Younger Households and Urban Renters

Equifax singled out younger Canadians especially those aged 18–25 and 26–35 as experiencing the sharpest increase in missed payments.The data also indicates that non-homeowners (renters or those without a mortgage) are far more likely to fall behind than homeowners: about 1 in 19 non-homeowners missed at least one payment, compared with 1 in 37 homeowners. 

What’s Driving the Increase?

Credit analysts attribute the rise to a mix of economic pressures rising costs for essentials, inflation, and interest-rate hikes. Many Canadians appear to be using non-mortgage credit to manage daily expenses, creating vulnerability when cash-flow issues emerge. 

“Earlier this year we saw tentative signs of stabilization, but Q3 data indicates renewed stress especially in younger households and urban settings,” said Rebecca Oakes, Vice-President of Advanced Analytics at Equifax Canada. 

What It Means for Canadians & Policymakers

The rising delinquency rate on non-mortgage debt suggests growing financial insecurity for many Canadians outside of the housing market. This trend has several implications:

• Greater risk for households relying on credit cards or loans to meet everyday expenses.
  
• Pressure on policymakers and financial regulators to consider measures that help consumers manage debt, especially in times of inflation and economic uncertainty.
  

A signal to lenders and credit issuers to reassess risk among younger and non-homeowning client segments.