Canadians are failing to pay their bills on time at an increasing rate, according to data released Tuesday by consumer credit agency Equifax Canada.

Driven mostly by credit card debt, the average national consumer delinquency rate increased by 7.3%, over the period from February 2008 and February 2009.

In addition to the overall increase in the national delinquency rate, Equifax also reported that the rate has increased at different rates across the country.

Among major Canadian centres, Montreal saw the greatest increase at a 15.9%. Other cities that experienced an above-average increase include Calgary, up 13.2% increase, and Quebec City, up 12.8%.

Some cities experienced below-average increases, including Toronto, up just 1.4%, and Halifax, up 4.8%.

“Our data indicates that delinquency rates are impacted by regionality. Financial institutions may find this of interest as they develop their risk strategies,” says Nadim Abdo, vp of Equifax Consulting Solutions.

Equifax defines delinquent accounts as those that are 90 days or worse past due. Its team of consultants and analysts compute delinquency rates by analyzing data from Canadian lenders who report to Equifax on a daily basis.

Headquartered in Atlanta, Georgia, Equifax Inc. operates throughout the U.S., Canada and 13 other countries in North America, Latin America, and Europe.

IE