Canadians falling further behind in paying their bills

The Canadian Press ~ The News
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As the recession causes the financial squeeze to get tighter, a credit monitoring company says Canadians are falling behind on their credit payments at "an ever-increasing rate."
Equifax Canada says the average national delinquency rate at the end of June rose to 1.56 per cent -- a jump of 24 per cent over the same time last year.
Equifax defines a delinquent bill as one that's at least 90 days overdue.
The company says the province with the highest delinquency rate is Nova Scotia at 2.09 per cent, while Saskatchewan has the lowest rate at 1.24 per cent.
It says rates of overdue bills are increasing fastest in Alberta and British Columbia at 32 per cent and 30 per cent respectively.
Equifax says among major Canadian cities, Toronto has the highest delinquency rate of 2.03 per cent.

Organizations: Equifax

Geographic location: Nova Scotia, Saskatchewan, Alberta British Columbia Toronto

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Recent comments

  • Telling it like it is
    July 02, 2010 - 13:32

    While I agree the recession is hitting people where it hurts - their wallets, this problem is more profound than that.

    The culture of owning and getting what you want, immediately as opposed to say, thinking and saving is lost on a vast majority of people, typically the 18-30 year olds.

    I mean think about it...how many 20 somethings do you know who have come from either middle class or upper middle class homes who immediately try to purchase a home similar in cost to the one they grew up in?? I do and they're house poor and living pay cheque to pay cheque on their mortgage and all the other luxuries they can barely afford.

    I'll give you some other examples...


    Well my neighbor next door bought a 50'' TV therefore I will need to purchase a 52'' TV to best him / her.

    My best fried bought a new lululemon outfit...therefore I will buy a better one.

    My brother just bought a new car...I will be a better one.

    My co-worker has a 16GB iPod, I will be a 32GB iPod because Size matters.

    My bank tells me I can afford a $375,000 home just by looking at my salary - yeah, I think I'll go buy that.

    My Credit limit is $15,000...that means every month I can spend $15,000.

    I need a cell phone for talking with friends, familiy and emergencies. Therefore I need the best, most expensive, top of the line phone you have in stock.

    This generation is all about one thing - NOW NOW NOW.

    The concept of saving and building wealth is lost on most people. Instead of buying something with money you have saved, you would rather pay no money down, zero interest for 36 months and then get ripped and penalized when you can't make the payments.

    This recession will be a real eye opener for a lot of people who live their lives pay cheque to pay cheque watching their money go into their account Friday morning and leave just as quickly to pay crap they can't readily afford.

    As someone (not sure who) once said, ''It's tough to save money when my neighbor keeps buying things I can't afford''

  • Martin
    July 02, 2010 - 13:23

    Lies,

    Why don't you move somewhere where there are jobs? Why do so many people in this province not want to work or do things for themselves. I spend 3 years in Alberta working 60 hours a week after I couldn't find work.

    I didn't complain and expect the government to give me anything. I took responsibility for myself. Why should you rely on the government to do for you. If you can't find work in a barren island in the north Atlantic then get up and move.

  • Nasty
    July 02, 2010 - 13:23

    Martin, so you had no problems with going to another province and picking up a job that should have gone to an Albertan. Now you are back here. Mmmm, wonder how you would like it if NL hired all those from Alberta that have lost jobs in that province due to the LOA that was taken by people from this province?

    But as we all are well aware, now no one can go anywhere to find those types of jobs anymore. Oh well, just like the fishery and the forest industry. Rape it till it is gone I guess. We all saved millions didn't we?

    Just get yourself a medical grow license and away you go. Here are the applications to get you all started.

    The New Newfoundland Cash Crop that's Legal. Just do not be caught trying to sell it. That's not what this is for, but it will save you all that cash for beer now.

    http://www.hc-sc.gc.ca/dhp-mps/marihuana/how-comment/applicant-demandeur/index-eng.php

  • Lies
    July 02, 2010 - 13:08

    Now I wonder why? Eat today or pay a bill... Mmmm, I take food.

    Where are these jobs Stevie and Danny? You pair of lairs.

  • Telling it like it is
    July 01, 2010 - 20:21

    While I agree the recession is hitting people where it hurts - their wallets, this problem is more profound than that.

    The culture of owning and getting what you want, immediately as opposed to say, thinking and saving is lost on a vast majority of people, typically the 18-30 year olds.

    I mean think about it...how many 20 somethings do you know who have come from either middle class or upper middle class homes who immediately try to purchase a home similar in cost to the one they grew up in?? I do and they're house poor and living pay cheque to pay cheque on their mortgage and all the other luxuries they can barely afford.

    I'll give you some other examples...


    Well my neighbor next door bought a 50'' TV therefore I will need to purchase a 52'' TV to best him / her.

    My best fried bought a new lululemon outfit...therefore I will buy a better one.

    My brother just bought a new car...I will be a better one.

    My co-worker has a 16GB iPod, I will be a 32GB iPod because Size matters.

    My bank tells me I can afford a $375,000 home just by looking at my salary - yeah, I think I'll go buy that.

    My Credit limit is $15,000...that means every month I can spend $15,000.

    I need a cell phone for talking with friends, familiy and emergencies. Therefore I need the best, most expensive, top of the line phone you have in stock.

    This generation is all about one thing - NOW NOW NOW.

    The concept of saving and building wealth is lost on most people. Instead of buying something with money you have saved, you would rather pay no money down, zero interest for 36 months and then get ripped and penalized when you can't make the payments.

    This recession will be a real eye opener for a lot of people who live their lives pay cheque to pay cheque watching their money go into their account Friday morning and leave just as quickly to pay crap they can't readily afford.

    As someone (not sure who) once said, ''It's tough to save money when my neighbor keeps buying things I can't afford''

  • Martin
    July 01, 2010 - 20:08

    Lies,

    Why don't you move somewhere where there are jobs? Why do so many people in this province not want to work or do things for themselves. I spend 3 years in Alberta working 60 hours a week after I couldn't find work.

    I didn't complain and expect the government to give me anything. I took responsibility for myself. Why should you rely on the government to do for you. If you can't find work in a barren island in the north Atlantic then get up and move.

  • Nasty
    July 01, 2010 - 20:08

    Martin, so you had no problems with going to another province and picking up a job that should have gone to an Albertan. Now you are back here. Mmmm, wonder how you would like it if NL hired all those from Alberta that have lost jobs in that province due to the LOA that was taken by people from this province?

    But as we all are well aware, now no one can go anywhere to find those types of jobs anymore. Oh well, just like the fishery and the forest industry. Rape it till it is gone I guess. We all saved millions didn't we?

    Just get yourself a medical grow license and away you go. Here are the applications to get you all started.

    The New Newfoundland Cash Crop that's Legal. Just do not be caught trying to sell it. That's not what this is for, but it will save you all that cash for beer now.

    http://www.hc-sc.gc.ca/dhp-mps/marihuana/how-comment/applicant-demandeur/index-eng.php

  • Lies
    July 01, 2010 - 19:43

    Now I wonder why? Eat today or pay a bill... Mmmm, I take food.

    Where are these jobs Stevie and Danny? You pair of lairs.