The average credit card balance was sitting at a record high of $2,121 as of the end of September, according to the credit reporting firm From m_zadikian
A new Equifax Canada survey showed Canadians' credit card usage was up for the sixth quarter in a row.
"We certainly know from the economic conditions that the pressures are coming from all directions," Julie Kuzmic, senior compliance officer at Equifax Canada, said in a phone interview with"Canadian consumers are facing increasing interest rates for their mortgage payments, that also will affect interest rates on lines of credit that people may have, the inflation circumstances are really affecting grocery bills, and then there's the price of gas, which many people are...
The survey was conducted using Leger's online panel and polled 1,006 individuals through mid-October. There were provincial differences in how much of a financial burden Canadians were feeling. Those in British Columbia, Quebec and Atlantic Canada were more likely to report anxiety over their debt loads and job security, while Albertans were the least concerned about these issues.
"You can imagine if you're only paying the minimum payment, how much interest you're going to pay," Campbell said. "At the end of the day, if you're not living within your means, these things will explode. So the reality of it is you need to take a look at your budget and you need to find out where you can cut back," she said.Repairing your credit score
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