Mortgage delinquencies, credit card debts rising amid high rates: Equifax

The president of a large credit reporting agency says Canadians are having more difficulty meeting their debts amid higher borrowing costs and inflation.

In an interview with BNN Bloomberg, Sue Hutchison, president of Equifax Canada, said she is seeing increased stress among Canadians regarding food and shelter costs, with mortgage delinquencies notably on the rise.

“Overall, we're seeing consumer proposals at quite an elevated level, and we are starting to see bankruptcies tick up,” Hutchison said on Tuesday.

“In particular, in Ontario and B.C., we're seeing quite a significant increase in missed payments and delinquencies.”