Equifax Canada's Q2 report shows increased missed credit payments and debt levels among Canadians aged 26-35, with credit card debt as the main driver.
Equifax Canada's Q2 report reveals higher missed credit payments among younger Canadians (aged 26-35) due to living costs and unemployment. Delinquency rates for auto loans and lines of credit are also high among this age group. Consumer debt levels rose to $2.5 trillion, a 4.2% increase from Q2 2023. Credit card debt is the main driver of outstanding balances, with Canadians carrying an average of over $4,300 in credit card balances during the quarter, the highest level since 2007.
August 27, 2024
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