Latest news with #RebeccaOakes
CTV News
5 hours ago
- Business
- CTV News
How much debt the average Albertan has, according to Equifax
(A consumer pays with a credit card at a store in Montreal on July 6, 2010. THE CANADIAN PRESS/Ryan Remiorz) A new report from Equifax Canada suggests the average Canadian has $22,147 in non-mortgage debt. Albertans have the second highest debt nationally at $24,659. Newfoundland takes the top spot at $25,174. '(If) we look at the age ranges in Alberta, you tend to have more individuals in what we call the 'peak credit usage age range' – 36- to 55-year-olds,' said Rebecca Oakes, Equifax Canada. 'They tend to be using the credit the most because you've kind of established things like your own home, maybe you've got lines of credit, maybe an auto loan. Because there is just a higher percentage of consumers in Alberta that fall into that age range, that's one of the reasons why we see that average amount a little bit higher.' Calgarians are below the provincial debt average at $24,254. Those living in fort McMurray are way above at $37,609. The report also finds non-mortgage holders and those under the age of 36 are experiencing greater financial stress. Oakes blames that on a slow job market and the rising costs for groceries, cars and housing. 'Money is not just about dollars and cents, it's about your feelings towards it,' said Stacy Yanchuk Oleksy, Money Mentors CEO. 'Debt can create a lot of anxiety and stress for us.' If you don't have a manageable plan to pay down your debt, she suggests asking for help. 'If you don't have a plan, then it's time to form one. You can do it in two ways: you can do it yourself or you can come chat with us, nonprofit credit counselors who are available to help create a budget that is manageable and sustainable,' said Oleksy. More Albertans are missing credit payments – and they aren't alone, according to the report. Equifax Canada found 1.4 million Canadians missed a payment in the second quarter of the year. That's up 118,000 year-over-year, but a slight drop from the first quarter. A full breakdown of the Equifax Canada report can be found online.
a day ago
- Business
Missed credit payments dipped in Q2, but consumers under 36 struggling with debt
It shows 1.4 million Canadians missed a credit payment in the second quarter. While that's up by 118,000 compared with the same time last year, it's down slightly from the first quarter. Rebecca Oakes, vice-president of advanced analytics at Equifax Canada, said it's a bit of good news to see the delinquency rate levelling off. We're starting to finally see that stabilize a little bit, she said in an interview with The Canadian Press. The less good news, though, is that below that high level number, we're still seeing this financial gap widening for some groups of consumers, she added, particularly between homeowners and non-homeowners. About one in 19 Canadians without a mortgage missed at least one credit payment, compared with one in 37 homeowners, the report said. Total consumer debt rose 3.1 per cent year over year to $2.58 trillion, Equifax said, while average non-mortgage debt per consumer increased to $22,147. Consumers under 36 hit hardest Oakes said various factors, including high unemployment and economic uncertainty — amplified by trade disruptions — have made it harder for many Canadians to keep up with day-to-day expenses. Consumers under the age of 36 are being hit the hardest, the report suggests. Millennials and Gen Z saw their average non-mortgage debt rise two per cent to $14,304 from a year ago. The group's 90-plus-days non-mortgage balance delinquency rate also rose to 2.35 per cent — a 19.7 per cent jump year over year. The affordability crisis seems to be hitting younger consumers the hardest, Oakes said. Between rising costs, employment uncertainty, and limited access to affordable credit, many are struggling just to stay afloat. Also, many homeowners who locked in lower mortgage rates during the height of the pandemic could see their payments rise upon renewal. Payment levels are going up for many consumers when they're renewing their mortgage and when that is a little bit too much, the first place you tend to see that is (missed payments) on things like credit cards, she said. Ontario the hot spot for financial distress Ontario remained the hot spot for financial distress in the second quarter. The 90-plus day delinquency rate was 1.75 per cent, which is 15.2 basis points higher than the national average, the report said. The rates of missed payments were even higher in the City of Toronto and the surrounding area, which are exposed to the tariff-hit auto and steel sectors. However, Oakes said the financial gap between homeowners versus non-homeowners in Ontario peaked last year and has started to come down. Another credit-tracking agency, TransUnion, released its second-quarter consumer credit report last week. It said consumer debt reached $2.52 trillion in the second quarter, up 4.4 per cent year over year. Subprime consumers are more likely to feel the impact of higher costs of living and may choose to take on additional debt, such as credit card balances, to help cover the costs of goods and services, Matt Fabian, director of financial services research and consulting at TransUnion Canada, said in a statement. For other risk tiers of borrowers, their card balance growth has been less than the rate of inflation, indicating that these consumers are less reliant on credit cards to maintain purchasing power.
Toronto Sun
2 days ago
- Business
- Toronto Sun
1.4M consumers missed a credit payment in second quarter: Equifax report
Published Aug 18, 2025 • 2 minute read This July 21, 2012, file photo shows signage at the corporate headquarters of Equifax Inc. in Atlanta. Photo by Mike Stewart / THE ASSOCIATED PRESS There's a deepening divide among consumers, even as the rate of missed credit payments dipped, a new Equifax Canada report shows. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account It shows 1.4 million Canadians missed a credit payment in the second quarter. While that's up by 118,000 compared with the same time last year, it's down slightly from the first quarter. Rebecca Oakes, vice-president of advanced analytics at Equifax Canada, said it's 'a bit of good news' to see the delinquency rate levelling off. 'We're starting to finally see that stabilize a little bit,' she said in an interview. 'The less good news, though, is that below that high level number, we're still seeing this financial gap widening for some groups of consumers,' she added, particularly between homeowners and non-homeowners. About one in 19 Canadians without a mortgage missed at least one credit payment, compared with one in 37 homeowners, the report said. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Total consumer debt rose 3.1 per cent year-over-year to $2.58 trillion, Equifax said, while average non-mortgage debt per consumer increased to $22,147. Oakes said various factors, including high unemployment and economic uncertainty — amplified by trade disruptions — have made it harder for many Canadians to keep up with day-to-day expenses. Consumers under the age of 36 are being hit the hardest, the report suggests. Millennials and gen Z saw their average non-mortgage debt rise two per cent to $14,304 from a year ago. The group's 90-plus days non-mortgage balance delinquency rate also rose to 2.35 per cent — a 19.7 per cent jump year-over-year. 'The affordability crisis seems to be hitting younger consumers the hardest,' Oakes said. 'Between rising costs, employment uncertainty, and limited access to affordable credit, many are struggling just to stay afloat.' This advertisement has not loaded yet, but your article continues below. Also, many homeowners who locked in lower mortgage rates during the height of the pandemic could see their payments rise upon renewal. 'Payment levels are going up for many consumers when they're renewing their mortgage and when that is a little bit too much, the first place you tend to see that is (missed payments) on things like credit cards,' she said. Ontario remained the hot spot for financial distress in the second quarter. The 90-plus day delinquency rate was 1.75 per cent, which is 15.2 basis points higher than the national average, the report said. The rates of missed payments were even higher in the city of Toronto and the surrounding area, which are exposed to the tariff-hit auto and steel sectors. However, Oakes said the financial gap between homeowners versus non-homeowners in Ontario peaked last year and has started to come down. This advertisement has not loaded yet, but your article continues below. Another credit-tracking agency, TransUnion, released its second-quarter consumer credit report last week. It said consumer debt reached $2.52 trillion in the second quarter, up 4.4 per cent year-over-year. 'Subprime consumers are more likely to feel the impact of higher costs of living and may choose to take on additional debt, such as credit card balances, to help cover the costs of goods and services,' Matthew Fabian, director of financial services research and consulting at TransUnion Canada, said in a statement. 'For other risk tiers of borrowers, their card balance growth has been less than the rate of inflation, indicating that these consumers are less reliant on credit cards to maintain purchasing power,' he said. Sunshine Girls Columnists Sunshine Girls Toronto & GTA Ontario
CTV News
2 days ago
- Business
- CTV News
1.4M consumers missed a credit payment in second quarter: Equifax report
About 1.4 million Canadians missed a credit card payment in the second quarter, up by 118,000 missed payments from a year ago, an Equifax report said. A consumer pays with a credit card at a store in Montreal on July 6, 2010. THE CANADIAN PRESS/Ryan Remiorz TORONTO — There's a deepening divide among consumers, even as the rate of missed credit payments dipped, a new Equifax Canada report shows. It shows 1.4 million Canadians missed a credit payment in the second quarter. While that's up by 118,000 compared with the same time last year, it's down slightly from the first quarter. Rebecca Oakes, vice-president of advanced analytics at Equifax Canada, said it's 'a bit of good news' to see the delinquency rate levelling off. 'We're starting to finally see that stabilize a little bit,' she said in an interview. 'The less good news, though, is that below that high level number, we're still seeing this financial gap widening for some groups of consumers,' she added, particularly between homeowners and non-homeowners. About one in 19 Canadians without a mortgage missed at least one credit payment, compared with one in 37 homeowners, the report said. Total consumer debt rose 3.1 per cent year-over-year to $2.58 trillion, Equifax said, while average non-mortgage debt per consumer increased to $22,147. Oakes said various factors, including high unemployment and economic uncertainty — amplified by trade disruptions — have made it harder for many Canadians to keep up with day-to-day expenses. Consumers under the age of 36 are being hit the hardest, the report suggests. Millennials and gen Z saw their average non-mortgage debt rise two per cent to $14,304 from a year ago. The group's 90-plus days non-mortgage balance delinquency rate also rose to 2.35 per cent — a 19.7 per cent jump year-over-year. 'The affordability crisis seems to be hitting younger consumers the hardest,' Oakes said. 'Between rising costs, employment uncertainty, and limited access to affordable credit, many are struggling just to stay afloat.' Also, many homeowners who locked in lower mortgage rates during the height of the pandemic could see their payments rise upon renewal. 'Payment levels are going up for many consumers when they're renewing their mortgage and when that is a little bit too much, the first place you tend to see that is (missed payments) on things like credit cards,' she said. Ontario remained the hot spot for financial distress in the second quarter. The 90-plus day delinquency rate was 1.75 per cent, which is 15.2 basis points higher than the national average, the report said. The rates of missed payments were even higher in the city of Toronto and the surrounding area, which are exposed to the tariff-hit auto and steel sectors. However, Oakes said the financial gap between homeowners versus non-homeowners in Ontario peaked last year and has started to come down. Another credit-tracking agency, TransUnion, released its second-quarter consumer credit report last week. It said consumer debt reached $2.52 trillion in the second quarter, up 4.4 per cent year-over-year. 'Subprime consumers are more likely to feel the impact of higher costs of living and may choose to take on additional debt, such as credit card balances, to help cover the costs of goods and services,' Matthew Fabian, director of financial services research and consulting at TransUnion Canada, said in a statement. 'For other risk tiers of borrowers, their card balance growth has been less than the rate of inflation, indicating that these consumers are less reliant on credit cards to maintain purchasing power,' he said. This report by The Canadian Press was first published Aug. 18, 2025. Ritika Dubey, The Canadian Press
Winnipeg Free Press
2 days ago
- Business
- Winnipeg Free Press
1.4M consumers missed a credit payment in second quarter: Equifax report
TORONTO – There's a deepening divide among consumers, even as the rate of missed credit payments dipped, a new Equifax Canada report shows. It shows 1.4 million Canadians missed a credit payment in the second quarter. While that's up by 118,000 compared with the same time last year, it's down slightly from the first quarter. Rebecca Oakes, vice-president of advanced analytics at Equifax Canada, said it's 'a bit of good news' to see the delinquency rate levelling off. 'We're starting to finally see that stabilize a little bit,' she said in an interview. 'The less good news, though, is that below that high level number, we're still seeing this financial gap widening for some groups of consumers,' she added, particularly between homeowners and non-homeowners. About one in 19 Canadians without a mortgage missed at least one credit payment, compared with one in 37 homeowners, the report said. Total consumer debt rose 3.1 per cent year-over-year to $2.58 trillion, Equifax said, while average non-mortgage debt per consumer increased to $22,147. Oakes said various factors, including high unemployment and economic uncertainty — amplified by trade disruptions — have made it harder for many Canadians to keep up with day-to-day expenses. Consumers under the age of 36 are being hit the hardest, the report suggests. Millennials and gen Z saw their average non-mortgage debt rise two per cent to $14,304 from a year ago. The group's 90-plus days non-mortgage balance delinquency rate also rose to 2.35 per cent — a 19.7 per cent jump year-over-year. 'The affordability crisis seems to be hitting younger consumers the hardest,' Oakes said. 'Between rising costs, employment uncertainty, and limited access to affordable credit, many are struggling just to stay afloat.' Also, many homeowners who locked in lower mortgage rates during the height of the pandemic could see their payments rise upon renewal. 'Payment levels are going up for many consumers when they're renewing their mortgage and when that is a little bit too much, the first place you tend to see that is (missed payments) on things like credit cards,' she said. Ontario remained the hot spot for financial distress in the second quarter. The 90-plus day delinquency rate was 1.75 per cent, which is 15.2 basis points higher than the national average, the report said. The rates of missed payments were even higher in the city of Toronto and the surrounding area, which are exposed to the tariff-hit auto and steel sectors. However, Oakes said the financial gap between homeowners versus non-homeowners in Ontario peaked last year and has started to come down. Monday Mornings The latest local business news and a lookahead to the coming week. Another credit-tracking agency, TransUnion, released its second-quarter consumer credit report last week. It said consumer debt reached $2.52 trillion in the second quarter, up 4.4 per cent year-over-year. 'Subprime consumers are more likely to feel the impact of higher costs of living and may choose to take on additional debt, such as credit card balances, to help cover the costs of goods and services,' Matthew Fabian, director of financial services research and consulting at TransUnion Canada, said in a statement. 'For other risk tiers of borrowers, their card balance growth has been less than the rate of inflation, indicating that these consumers are less reliant on credit cards to maintain purchasing power,' he said. This report by The Canadian Press was first published Aug. 18, 2025.
