An additional 153,000 consumers missed payments on credit products in the last quarter of 2023, according to Equifax Canada’s latest Market Pulse Consumer Credit Trends and Insights report.
Beyond mortgage and credit card delinquencies, the non-bank auto sector and used car bank loans also show rising arrears levels, according to the report.
“Factors such as high cost of living, inflation, credit card payments, and mortgage renewal worries are coming at consumers right now,” said Rebecca Oakes, Vice President of Advanced Analytics at Equifax Canada, in a press release. “Budgets have been pushed to the limit for some. There’s no doubt Canadians are feeling the financial pinch right now.”
If you’re struggling to make your car payments, know that you are not alone. There are options out there to help ease the financial strain.
