Equifax report says 1.4M consumers missed a credit payment in Q1

A new Equifax report says there’s a deepening divide between consumers in the face of economic uncertainty, as those missing payments rose compared with a year ago.

The report finds one in 22 consumers — or 1.4 million people — missed at least one credit payment during the first quarter, even as the average monthly credit card spend fell by $107 per cardholder.

However, it says consumer-level delinquency rates among non-mortgage holders rose 8.9% year-over-year, compared with 6.5% for mortgage holders.

Equifax says younger Canadians were hit hardest, with a 15.1% increase in delinquency rates for the 18-to-25 age group.

The report says total consumer debt grew to $2.55 trillion in the first three months of 2025, up 4% year-over-year, but down more than $6 billion from the end of 2024.

Equifax Canada vice-president of advanced analytics Rebecca Oakes says that despite a slowdown in demand for non-mortgage debt, overall balances remained fairly flat — an indication that consumer payment levels may be falling.

Ritika Dubey, The Canadian Press

Ritika Dubey is a reporter with The Canadian Press, a national news agency headquartered in Toronto and founded in 1917.