Financial strain is mounting for Canadian consumers as new data from Equifax Canada reveals a troubling increase in missed non-mortgage debt payments during the third quarter of 2025. The credit reporting agency's latest findings indicate growing pressure on household budgets across the country.
Rising Delinquency Rates Signal Financial Stress
According to Equifax Canada's Q3 2025 report released on November 26, 2025, the number of consumers failing to make timely payments on non-mortgage debts has shown a significant year-over-year increase. This category includes credit cards, auto loans, personal lines of credit, and other consumer debt instruments excluding residential mortgages.
The data suggests that Canadian households are facing increasing financial challenges despite various economic indicators showing relative stability. The rise in delinquency rates points to underlying pressures that many families are experiencing in the current economic climate.
Broader Economic Context
This concerning trend emerges alongside numerous other financial stories affecting Canadians. From an Ontario woman losing $28,000 in a basement renovation scam to growing concerns about healthcare wait times and rising costs for major projects like the PNE amphitheatre, financial pressures appear to be mounting from multiple directions.
The Equifax data provides quantitative evidence of what many financial advisors and consumer advocates have been observing anecdotally: more Canadians are struggling to manage their debt obligations amid persistent inflation and economic uncertainty.
What This Means for Canadian Consumers
Financial experts note that rising non-mortgage debt delinquencies often serve as an early warning sign of broader economic stress. When consumers begin missing payments on credit cards, auto loans, and other non-secured debts, it typically indicates that household budgets are being stretched to their limits.
The situation warrants close monitoring by both policymakers and individual consumers. Proactive debt management and financial planning become increasingly important in such environments to avoid long-term credit damage and financial hardship.
As Canada moves toward the end of 2025, these Equifax findings highlight the importance of maintaining financial vigilance and seeking professional advice when debt becomes unmanageable.
