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."
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