Equifax points to two primary areas for the additional take-up in credit usage: higher costs of living and newcomers.
However, credit-card payments have started to slow down, with over 300,000 more consumers carrying an unpaid balance from one month to the next as of December 2022 compared to 2021. The average revolving credit-card balance climbed 9.3 per cent during that time. The missed payments are also reflected in the 90-plus day volume delinquency for credit cards and auto loans in 2022.
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Posthaste: Canadians' consumer credit-card balance crosses $100 billion for first timeCanadians are piling on more debt amid high inflation and interest rates, with total debt at $2.37 trillion in the fourth quarter. Read on. Thanks Loblows et al. Banks get richer Who are these people who carry a balance on a credit card? It gives me SO MUCH ANXIETY to have a balance on a card. I haven't paid interest on a card in like a decade. I pay it off every month, because why send my money down a black hole? I just collect the cashback rewards.
Source: nationalpost - 🏆 10. / 80 Read more »
Posthaste: Canadians' consumer credit-card balance crosses $100 billion for first timeCanadians are piling on more debt amid high inflation and interest rates, with total debt at $2.37 trillion in the fourth quarter. Read on.
Source: financialpost - 🏆 7. / 85 Read more »
Posthaste: Canadians' consumer credit-card balance crosses $100 billion for first timeCanadians are piling on more debt amid high inflation and interest rates, with total debt at $2.37 trillion in the fourth quarter. Read on.
Source: fpinvesting - 🏆 43. / 63 Read more »
Credit card debt up 15% in Q4 with younger Canadians feeling pinch: Equifax - National | Globalnews.caEquifax says Canadians' credit card debt increased by more than 15 per cent from the same period a year earlier and totalled more than $100 billion for the first time. The NOW generation , how surprising !
Source: GlobalNational - 🏆 81. / 51 Read more »