More Canadians missing non-mortgage debt payments

November 29, 2025 7:41 am
Defense and Compliance Attorneys
Source: site

More Canadians are missing payments on non-mortgage debts, according to Equifax Canada’s latest report covering the third quarter of 2025.​

Key Findings

  • The 90+ day delinquency rate for non-mortgage debts reached 1.63 percent, representing a 14 percent increase compared to the same period last year.​

  • About 1.45 million Canadians missed credit payments in Q3 2025, an increase of more than 46,000 from the previous quarter.​

  • Of those missing payments, 84 percent (approximately 1.21 million) are non-mortgage households.​

Impacted Groups

  • Younger Canadians, specifically those aged 18–35, are experiencing the highest rates of financial distress. Among 26–35-year-olds, the 90+ days delinquency rate rose sharply to 2.45 percent, up over 20 percent year-over-year.​

  • Urban homeowners in cities such as Toronto and Vancouver recorded higher rates of missed payments, with Toronto at 2.27 percent (+19.58 percent year-over-year).​

Debt Trends

  • Average non-mortgage debt per consumer is now $22,321, a $511 increase from last year.​

  • Canada’s total consumer debt climbed to $2.62 trillion, up 3.4 percent year-over-year.​

Canadians under 36 years old are the most affected by rising delinquency rates, with the highest year-over-year increases and overall delinquency levels.​

Most Impacted Age Groups

  • The 18–25 age group saw their 90+ day non-mortgage delinquency rate rise to 2.11 percent, a 16.6 percent increase from last year.​

  • Among those aged 26–35, the rate now sits at 2.45 percent, up over 20.5 percent compared to last year.​

  • Together, Canadians under 36 have a delinquency rate that has surged by roughly 20 percent year-over-year, compared to just 12.4 percent for the overall population.​

Other Demographics

  • These trends are especially pronounced for credit card and auto loan delinquencies.

  • Older age groups have seen smaller increases in missed payments and lower overall delinquency rates.​

Rising costs, lack of affordable credit, and employment uncertainty are cited as primary factors straining younger Canadians the most.​

Outlook

  • The rise in missed payments coincides with increased credit card spending heading into the holiday season, suggesting that financial stress may continue to intensify in the coming weeks.​

This resurgence in delinquency rates and overall financial pressure indicates emerging challenges for Canadian households, especially among young people and those living in major urban centers.​

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