TORONTO — Some Canadians are seeing their credit card balances grow as the cost-of-living crisis and higher interest rates eat into household budgets, a new report shows.
Matthew Fabian, director of financial services research at TransUnion Canada, says inflationary pressures may lead consumers to turn to bank cards or personal loans to help make ends meet, and millennials and Gen Z consumers are no exception to the trend. It says millennials now hold the largest share of debt, while debt balances among the Gen Z cohort surged 30 per cent compared with last year, mainly driven by credit cards and personal loans.Data from the Economic Innovation Group's Distressed Communities Index shows that as of 2023, local economies across America still hadn't fully recovered from the effects of the COVID-19 pandemic.Canadians seem to have figured that out for English and French.
Bradley Cooper Joins Pearl Jam to Sing 'Maybe It's Time' from 'A Star Is Born' at BottleRock Napa Valley Music Festival -- Oil steadied after a two-day gain despite increased tensions in the Middle East after the death of an Egyptian soldier during a clash with Israeli troops.
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.
Source: SooToday - 🏆 8. / 85 Read more »
Source: CTVNews - 🏆 1. / 99 Read more »