1.4 million Canadians missed a credit payment in Q2 2025 — and now face barriers to balance transfer relief

Consumers with scores below 660 are now excluded from the most common tool for reducing high-interest credit card debt. Balance transfer credit cards, which offer 0% interest for 6 to 12 months, are effectively out of reach for those who missed a payment in Q2 2025. That number rose by 118,000 from the same period in 2024, according to Equifax Canada. Meanwhile, average non-mortgage debt per Canadian consumer climbed to $22,147. The catch is that these cards typically require a minimum credit score of 660 to qualify. Missed payments, late bill payments, or even multiple credit applications can push a score below that line. For 1.4 million Canadians, the most straightforward path to reducing credit card debt is now blocked.