TORONTO — A new Equifax report shows even as the rate of missed credit payments dipped, there's a deepening divide among consumers.
The report says nearly 1.4 million Canadians missed a credit payment in the second quarter.
It marks a slight decline compared with the first quarter.
Rebecca Oakes of Equifax Canada says it's a bit of good news to see the delinquency rate levelling off.
However, she adds there's still a financial gap between homeowners and non-homeowners as unemployment grows and economic uncertainty persists.
Equifax says younger people are facing increasing financial difficulties, as their average non-mortgage debt rose two per cent to more than 14-thousand dollars from a year ago.
Oakes says many younger consumers are struggling as they deal with rising costs, employment uncertainty and limited access to affordable credit.