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Why Canadian consumer debt continues to grow

– moneysense.ca

Consumer debt rose to a record $2.5 trillion in the third quarter as many Canadians continue to struggle with high living costs and rising unemployment, new surveys from two credit bureaus say.

Newcomers and consumers who borrowed money for the first time in the past 12 to 36 months saw the biggest rise in missed payments, compared with the same consumer group last year, Equifax’s report published Tuesday, showed.

“Recent newcomers to Canada are facing challenges in navigating the Canadian financial economy. Historically, newcomers have demonstrated strong credit performance in the first few years of being in the country,” said Rebecca Oakes, vice-president of advanced analytics at Equifax Canada, in a statement.

“However, rising unemployment levels combined with high inflation in the last few years has likely added significant financial pressure to this group,” she added.

The bureau said more than 1.3 million consumers missed a credit payment in the third quarter, up 10…

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