Dec 10, 2025
Canadians are heading into the holiday season with rising financial stress, as new Equifax Canada data shows missed credit payments increased again in recent months.
The credit bureau’s latest Market Pulse report reveals that 1.45 million consumers missed at least one credit payment from July through September, while the national 90-day+ non-mortgage delinquency rate climbed to 1.63%, up 14% from last year (1).
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Average non-mortgage debt also rose to $22,321, an increase of $511 year-over-year.
“Earlier this year, we saw tentative signs of stabilization,” Rebecca Oakes, vice-president of advanced analytics at Equifax Canada, said in a statement. “However Q3 data indicated some renewed stress, especially in younger households and homeowners in urban centres.”
Younger Canadians and big-city households show the most strain
Younger borrowers continue to experience the steepest increases in missed payments. Among those aged 26 to 35, the 90-day+ delinquency rate reached 2.45%, up more than 20% year-over-year. For those aged 18 to 25, delinquency rose to 2.11%, up 16.58%.
This illustrates that younger generations are becoming increasingly dependent on credit cards in order to handle high living costs, particularly in Canada’s most expensive regions.
Across generations, large urban markets are experiecing sharper stress:
- Toronto: 2.27% delinquency (+19.58% y/y)
- Vancouver: 1.27% (+18.18%)
- Ottawa: 1.55% (+17.61%)
Oakes noted that “mortgage payment shock” is contributing to rising missed payments on credit cards and personal loans, especially among homeowners renewing at higher rates.
However, it's not just homeowners who are having a tough time with keeping up with credit repayment.
Non-mortgage households accounted for 84% of all missed payments in Q3, highlighting how the pressure is widespread even among renters and those without housing-related debt.
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Holiday spending could push delinquencies higher
Equifax says credit card spending typically rises $300–$500 per consumer during the holidays, and past data shows missed payments usually jump about 7% in January.
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This year, that trend may intensify. While some Canadians have improved repayment habits — with fewer paying only the minimum — Oakes says this masks deeper pressure in younger households.
“Spending over the next few weeks will be a decisive moment for many consumers in Canada,” she said.
Consumer credit outlook for December
Equifax’s latest data shows that overall debt levels in Canada continue to climb, with total consumer credit reaching $2.62 trillion in the third quarter.
Missed payments are also rising again, and 1.45 million Canadians fell behind on at least one credit obligation during the period — a signal that financial stress is broadening heading into the holidays.
Younger adults remain the most at risk, and even with modest improvements in repayment behaviour among older Canadians, the overall trend points to growing vulnerability across key age groups.
The holiday season adds another challenge into the mix for Canadians. Equifax says younger Canadians have already started cutting back on credit card spending — the question is whether that restraint will hold through the holiday shopping season.
Article sources
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Equifax (1);
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Steven Brennan is a freelance finance writer based in Vancouver, BC. He holds a BA and an MA from Maynooth University, Ireland. His work regularly appears at Canadian Mortgage Trends, Lowest Rates, Loans Canada and other Canadian and US brands, while also working as a ghostwriter for financial influencers.
