A new report says more Canadian businesses are missing debt payments.
The report by Equifax Canada says overall delinquencies for businesses in the third quarter rose 3.4 per cent compared with the previous quarter, signalling potential challenges in debt repayment.
The report also says credit demand among businesses showed a seasonal drop of 1.9 per cent from last quarter, but was up 13.2 per cent year over year.
Equifax Canada says the data shows that more existing businesses are seeking credit as the end of the year approaches, which could be a sign of early financial stress.
Jeff Brown, head of commercial solutions at Equifax Canada, says the data suggests a shift in behaviour among businesses, with increased reliance on existing credit lines and cards.
Brown says that while this may reflect a cautious approach in response to rising interest rates, it also raises concerns about potential debt burdens.
- Posters promoting ‘Steal From Loblaws Day’ are circulating. How did we get here?
- Investing tax refunds is low priority for Canadians amid high cost of living: poll
- Bird flu concerns over U.S. dairy cattle growing. Here’s what to know
- Grocery code: How Ottawa has tried to get Loblaw, Walmart on board
Comments