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
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Posthaste: Cash-strapped Canadians have run their credit card debt up to a record high: EquifaxCredit card debt declined during the pandemic, but use of cards has now risen for six consecutive quarters, says Equifax. Find out more Canadian credit card debt is up because of Govt policy on Covid. Canadians had to live on credit when they could not go to work, to feed themselves & stay alive. Now Govt wants $$ back Credit C companies want $$ so no break for the citzen that got PUT in this position not good! Something should be done to help people that were put under this credit card burden by govt. covid policy. It is not like now u can catch up. Probably the majority of Canadians r pay check to PC how does 1 recover? Need CC debt forgiveness/credits/govt reimbursements. Like how does 1 that is living pay check to pay check catch back up from where the Federal Govt policy has put Canadians? How? Write out the formula how how to do it. Where does the extra $$ come from where there isn't any? Only thing is if Feds & CC companies take some ownership
Source: financialpost - 🏆 7. / 85 Read more »
Credit card debt at record high amid stubbornly hot inflation, survey says - BNN BloombergA new survey says Canadians are leaning more heavily on credit cards amid persistent inflation and rising interest rates. I'm 3 months away from being completely debt free.. so nope !!!
Source: BNNBloomberg - 🏆 83. / 50 Read more »
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
Source: SooToday - 🏆 8. / 85 Read more »