Equifax Canada, one of two Canadian credit bureaus, warns that delinquency rates could rise in the coming months thanks to a variety of factors.
Increased consumer debt, rising interest rates, slowing economic growth and negative mortgage volume over the last three months means more people might have trouble making ends meet.
Average non-mortgage debt increased three per cent in the last year, climbing to $23,271 per person.
The 90-day-plus delinquency rate dropped 3.1 per cent compared to the second quarter in 2017, but it increased from 1.08 per cent to 1.10 per cent from the first to second quarter this year.
