More Canadians only making minimum payment on credit cards: TransUnion

  • 📰 PGCitizen
  • ⏱ Reading Time:
  • 29 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 51%

Loans Loans Headlines News

Loans Loans Latest News,Loans Loans Headlines

A new report suggests an increasing number of Canadians are seeing their credit card balances balloon as the cost-of-living crisis and higher interest rates eat into household budgets.

A TransUnion report published Tuesday said the number of Canadians paying only the minimum monthly amount on their credit card rose eight basis points to 1.3 per cent in the first quarter compared with last year.

"We've seen a higher delinquency rate in credit cards for those consumers that have mortgages than traditional credit card consumers." The report showed there was a 30 per cent surge in outstanding credit card balances for the gen Z cohort compared with the previous year. "They're in the life stage where they're probably having children, getting houses and have auto loans," Fabian said. "The structure of the debt is shifted where 10 years ago, the majority of them would have had credit cards and car loans."

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
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:

 /  🏆 65. in LOANS

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.

More Canadians only making minimum payment on credit cards: TransUnionTORONTO — 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.
Source: SooToday - 🏆 8. / 85 Read more »

More Canadians only making minimum payment on credit cards: TransUnionSome 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.
Source: CTVNews - 🏆 1. / 99 Read more »

Rising number of Canadians only making minimum payment on credit cards, TransUnion report saysThe report says total consumer debt in Canada was $2.38-trillion in the first quarter, compared with $2.32-trillion in the same quarter last year
Source: globeandmail - 🏆 5. / 92 Read more »

More Canadians only making minimum payment on credit cards: TransUnionSome 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.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

More Canadians only making minimum payment on credit cards: TransUnionTORONTO — 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.
Source: BurnabyNOW_News - 🏆 14. / 77 Read more »

More Canadians only making minimum payment on credit cards: TransUnionTORONTO — 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 ...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »