August 6, 2009

Credit delinquency rate rising in Canada

The average credit delinquency rate for Canada rose by 24 percent from June 2008 to June 2009, Equifax reported in Toronto Thursday.

The credit rating company said on a month-over-month basis, credit delinquencies rose 1.56 percent.

In its release, the Equifax defined delinquent accounts as credit facilities that have not received a payment for at least 90 days.

By province, Alberta had the highest annual increase of unpaid creditors, up 32 percent, followed by British Columbia, which was up 30 percent.

Curiously, the same two provinces were below the national monthly average of delinquencies in June. Alberta creditors reported a 1.46 percent gain and British Columbia was up 1.35 percent, the release said.