Newfoundland and Labrador businesses are among the best in the country in paying their debt according to a recent Equifax report.

The report highlights a significant shift in the way businesses are managing their debt, indicating an overall decrease in the delinquency rate in this province.

Currently, 2.7 percent of businesses are classified as delinquent on their payments, which is the third lowest rate in Canada.

Product Lead with Equifax, Sinead Gleason, says it’s a big difference from the trends across the country.

“In all of Canada, the delinquency rates tend to be a little bit flat, but in Newfoundland they’ve really dropped, meaning their payments are getting better; they’re not missing payments,” Gleason tells VOCM News.

“For Newfoundland, delinquency rates dropped in both the industrial trades, so that’s supplier trades, same with the financial trades, so the banking trades. So they’re doing better than the rest of Canada paying their bills.”