Canadians carry more debt, miss more payments [Video]

More Canadians are taking on added debt due to the high cost of living, leading to an increase in missed loan and credit card payments, according to new reports from Equifax and TransUnion.

Consumer debt in the third quarter of 2024 hit a record high of $2.5 trillion – a 4.1 per cent increase over last year.

As consumers take on more debt, serious delinquencies – when accounts are 90 days or more past due – have increased almost two per cent since last year.

“Consumers are just not able to keep current on all their payments in all their cases so we are seeing delinquencies creep up a bit,” said Matt Fabian, researcher and consultant with TransUnion.

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TransUnion said high housing costs, the price of groceries and other inflationary pressures are making it harder for Canadians to pay the bills, especially for Millennial and Gen Z consumers (who range …