More Canadian youth are taking on debt — and low wages mean many can’t pay
Global News
There's a rising number of youth aged 18 to 25 who are missing debt payments as they struggle with the cost of living combined with low wages at new jobs.
As Canadian youth face a difficult job market and low wages, those taking on debt for the first time are finding it difficult to pay it down and new data shows some are already missing payments.
A new report from Equifax Canada shows there’s been a significant increase in delinquencies among Canadians under 26, with those 18 to 25 seeing a 15.1 per cent increase compared to an 8.9 per cent rise among non-mortgage holders overall.
This includes a 21.7 per cent rise from this time last year in 90-day or more delinquencies of credit cards among those under 26.
The overall population with this type of delinquency rose 15.8 per cent.
A big factor, Equifax says, comes from wages entering the job market not matching the amount they may need to pay off debt.
“Being able to balance the cost of living with debt levels is more difficult and more challenging, which is why through the numbers we are seeing that stress come through,” said Kathy Catsiliras, vice-president of analytical consulting for Equifax Canada.
“They are finding it more challenging to stay current on their debt obligation, married with the fact we’re seeing unemployment rates increase.”
The report also showed delinquency rates for younger drivers rose by 30 per cent on auto loans, compared to the overall rate which saw an increase of 15.3 per cent.
Flu season has arrived early, with CHEO reporting eight times more cases than last year as hospitals warn of rising infections among children and seniors.
Nova Scotia’s largest utility is responding to a stinging letter from Premier Tim Houston by insisting it hasn't broken any laws.
A British Columbia Liberal MP said Prime Minister Mark Carney "will have to answer" questions on why he reversed a budget commitment on tax credits in Alberta energy deal.
AFN Chief Cindy Woodhouse Nepinak has said Budget 2025 failed First Nations because it did not include more infrastructure funding and educational resources for their communities.
Conservation officers in B.C. say they've captured four more grizzly bears that are being tested to determine if they were involved in an attack on a school group last month.
Joshua Wright says a yellow cedar tree he photographed last year was "incredible," the largest he'd ever seen in a decade of hiking around Vancouver Island.
Canadians could face grocery bills up to $1,000 higher in 2026 as food prices rise 4-6 per cent, with restaurants and meat seeing the biggest jumps.
Despite a growing homelessness problem in the South Okanagan city, council voted 4-2 against the project and the millions of provincial dollars that would come along with it.
Artificial Intelligence Minister Evan Solomon told a House of Commons committee the updated strategy will come next year, after saying in the fall it would come this year.
Reports emerged this week of U.S. government procurement plans to order 20 Senator vehicles for its ICE officers, a move worth roughly $10 million.
The 16-year-old was arrested in April after police said a credible threat was made against students at Citadel High School.
A committee meeting also heard an extra $194 million is needed to pay for carbon price fuel charges that the provincial government didn't collect.
The premier of Nova Scotia is calling for an investigation into how a major power utility has handled a cyberattack.