The average credit card balance held by Canadians at the end of September hit $2,121, helping Q3 to become the sixth consecutive quarter with increased credit card use. debt interestrates
As Canadians continue to feel the financial squeeze from rising monthly bills, credit card debt has reached a record high, according to a new EquifaxThe average credit card balance held by Canadians at the end of September hit $2,121, helping Q3 to become the sixth consecutive quarter with increased credit card use. The total average non-mortgage debt per person came to $21,188 in September — a level not seen since the first quarter of 2020.
“No matter where they live in Canada and no matter how old they are, people are clearly concerned about their financial situation,” said Julie Kuzmic, Equifax Canada’s Senior Compliance Officer, Consumer Advocacy. “Credit card usage is reaching historic highs. This can be a slippery slope for some, as it doesn’t take long to find yourself burdened by debts, which may become challenging to pay back in this economic environment.
When it came to concerns about job security and ability to pay off debt, residents of Quebec expressed the highest levels for both while Alberta residents, again, reported the lowest levels.
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Credit card debt at record high amid stubbornly hot inflationAverage credit card balance held by Canadians was at a record high of $2,121 by the end of September
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