Newspaper article The Canadian Press

TransUnion Reports Delinquency Rates Edge Up from Year Ago, Non-Mortgage Debt Up

Newspaper article The Canadian Press

TransUnion Reports Delinquency Rates Edge Up from Year Ago, Non-Mortgage Debt Up

Article excerpt

Delinquency rates edge up from year ago

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OTTAWA - Delinquency rates for non-mortgage loans are on the rise in Canada and it appears the problem can be linked to trouble in the oilpatch, according to credit monitoring agency TransUnion.

TransUnion says the ratio of accounts 90 or more days past due increased to 2.52 per cent in the first three months of the year from 2.45 per cent in the same period a year ago.

However, in Alberta, hard hit by the downturn in oil prices, the rate increased to 2.8 per cent from 2.5 per cent a year ago, while in Saskatchewan, the rate increased to 3.04 per cent from 2.88 per cent.

Meanwhile, rates in British Columbia ticked lower to 2.43 per cent from 2.47 per cent and Ontario improved to 2.57 per cent from 2.59 per cent.

"When it comes to loan default rates, we are looking at two distinct groups: oil-sector provinces and the rest of the country," said Jason Wang, TransUnion's director of research and analysis in Canada. …

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