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More Canadian consumers fell behind on their credit payments in June than in May, and urban areas were responsible for many of the largest increases, according to a report released by Equifax.
The average delinquency rate in Canada as of June 30 was 1.56%, up from 1.52% in the previous month, reports Equifax, which provides credit data to businesses such as banks, credit card issuers and retailers.
Compared with the year-ago period, Equifax reports that average delinquency rates in Canada are up about 24%. Equifax defines a delinquent account as a non-payment for at least 90 days.
Some of the bigger increases in June delinquency rates occurred in Calgary, which rose to 1.36% from 1.32% in May, and Edmonton, where the rate rose to 1.45% from 1.40%. In Toronto, Canada's largest city, the delinquency rate for June rose to 2.03%, up from 1.98% last month.
The rise in delinquency rates has come as recession grips the economy and the unemployment rate is at its highest since February 1998.
