ÐÇ¿Õ´«Ã½

Skip to main content

Credit card debt at record high amid stubbornly hot inflation, survey says

Share

A new survey says Canadians are leaning more heavily on credit cards amid persistent inflation and rising interest rates.

Equifax Canada's consumer survey released Tuesday found the average credit card balance held by Canadians was at a record high of $2,121 by the end of September.

Equifax says average non-mortgage debt was $21,188, returning to levels not seen since the first quarter of 2020.

Canadians are feeling less secure in their financial outlook than last year, and more than half are worried about paying regular bills like rent, utilities or insurance -- especially adults aged 65 and older.

More than half of Canadians surveyed said they have a lot of anxiety about their personal debt levels.

Equifax Canada's Julie Kuzmic says the previous average credit card balance high was during the fourth quarter of 2019, at $2,118.

She says average credit card debt fell during the pandemic, but credit card utilization has now increased for six consecutive quarters.

"Credit card usage is reaching historic highs," said Kuzmic in a statement Tuesday.

She said that increased credit card usage will be a "slippery slope" for some, as debt may be harder to pay back in the current economic environment.

More than half of respondents said they are looking for deals at the grocery store more than last year, or cutting back on grocery shopping altogether.

This report by The Canadian Press was first published Nov. 1, 2022.

CTVNews.ca ÐÇ¿Õ´«Ã½

The province's public security minister said he was "shocked" Thursday amid reports that a body believed to be that of a 14-year-old boy was found this week near a Hells Angels hideout near Quebec City.

Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.

An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.

The Montreal couple from Mexico and their three children facing deportation have received a temporary residence permit.

For the last seven-and-half months, Toronto resident Heather McArthur has been living out what she describes as her 'worst nightmare.' On Feb. 7, her then three-year-old son Jacob along with his father Loc Phu 'Jay' Le departed for what was supposed to be a week-long visit to Vietnam to celebrate the Lunar New Year with family, McArthur says.

Local Spotlight

They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.

A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.

Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.

The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.

The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.

It's been a whirlwind of joyful events for a northern Ontario couple who just welcomed a baby into their family and won the $70 million Lotto Max jackpot last month.

A Good Samaritan in New Brunswick has replaced a man's stolen bottle cart so he can continue to collect cans and bottles in his Moncton neighbourhood.

David Krumholtz, known for roles like Bernard the Elf in The Santa Clause and physicist Isidor Rabi in Oppenheimer, has spent the latter part of his summer filming horror flick Altar in Winnipeg. He says Winnipeg is the most movie-savvy town he's ever been in.

Edmontonians can count themselves lucky to ever see one tiger salamander, let alone the thousands one local woman says recently descended on her childhood home.

Stay Connected