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| August 06, 2009: Equifax reports increased delinquency rate for Canadians... |
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Equifax Canada today released the latest consumer credit delinquency data. The dat shows that Canadians continue to fall behind on their credit payments at an increasing rate. The average delinquency rate for Canada increased by approximately 24% over a one-year span from June 30, 2008 to June 30, 2009. The average delinquency rate for Canada as a whole as of June 30, 2009, was 1.56%. This represents a 3% increase over May 2009.
Provincially, June figures show that Nova Scotia continues to have the highest average delinquency rate - at 2.09%. Saskatchewan had the lowest rate at 1.24%. Ontario's rate was 1.78%. Equifax Canada defines delinquent accounts as credit facilities that have not received a payment for at least 90 days. The average delinquency rate is calculated by comparing the number of delinquent credit facilities to the total number of credit facilities. Equifax Canada's computes delinquency rates based on data from Canadian lenders who supply such data to it. On an annual basis, the average delinquency rates have been rising dramatically in Alberta (32%) and British Columbia (30%). On the east coast, Prince Edward Island experienced a 27% increase. The national yearly average rate of increase is approximately 24%. It is noteworthy that British Columbia (1.35%) and Alberta (1.46%) continue to have average delinquency rates that are lower than the national average. In Prince Edward Island 2.04%), however, average delinquency rates were higher than the national rate. |
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