August 6, 2009 / 5:43 PM / 10 years ago

Canada credit delinquency rate edges higher--report

TORONTO, Aug 6 (Reuters) - More Canadian consumers were behind on their credit payments in June than a month earlier, and urban areas were responsible for some of the sharpest increases, according to a report released on Thursday.

Equifax, which provides credit data to businesses like banks, credit card issuers and retailers, said the average delinquency rate in Canada as of June 30 was 1.56 percent, up from 1.52 percent in May 2009.

From the year-ago period, Equifax said average delinquency rates in Canada are up about 24 percent.

Equifax defines a delinquent account as a credit facility that has not received a payment for at least 90 days.

According to Equifax, some of the bigger increases in June delinquency rates came from Calgary, which rose to 1.36 percent from 1.32 percent in May, and Edmonton, where the rate rose to 1.45 percent from 1.40 percent.

In Toronto, Canada’s largest city, the delinquency rate for June rose to 2.03 percent, up from 1.98 percent last month.

The rise in delinquency rates has come as recession grips the economy and the unemployment rate sits at its highest since February 1998. [ID:nN10508481] (Reporting by Frank Pingue; Editing by Frank McGurty)

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