More than 10 percent of Canadian businesses have missed a credit payment this year, and delinquency rates could continue to climb, according to a credit bureau report.
Equifax’s Business Credit Trends and Insights Report found that 11.3 percent of businesses missed a credit payment in the first quarter of 2025—or more than 309,000 businesses. It is a 14.6 percent year over year increase, a June 9 Equifax news release said.
The problem is being felt more acutely in different industries, such as accommodation and food services, which saw missed payments increase to 16.9 percent, and in retail trade, which saw the rate reach 13.2 percent.
“Both sectors are likely suffering from weak consumer spending, rising operating costs, and growing household debt levels,” the report said. Equifax noted that the average monthly consumer credit card spending per cardholder fell $107 during the first quarter of 2025 to the lowest level since March 2022….