A new report suggests Canadian credit card debt soared in the last three months of 2022 amid rising interest rates and high inflation, impacting Albertans. CTVMarkVillani
The report from credit-monitoring agency Equifax indicates Canadians' credit card debt has increased by more than 15 per cent from the same period a year earlier, and totalled more than $100 billion for the first time.
Calgarian Mary Clark, a veteran with the Canadian Armed Forces with more than a decade of service, says she been at the point of having to choose between paying rent and buying groceries. Clark says better legislation is needed specifically for rent increases as she can’t afford a sudden $400 per month increase to support herself and her husband.
"Compared to pre-pandemic numbers, the average spend on credit cards is about $400 higher than it was, and that’s continued into the fourth quarter of last year," she said. Oakes adds that debt will impact a wider volume of consumers who have their mortgages up for renewal, and this could lead to missed payments and lower credit scores.
Even as credit card payments slowed down, credit card usage remained high, with an increase of more than 300,000 consumers using their card and carrying a balance on it.Consumer proposals, meanwhile, were up 26.4 per cent from the previous year, though they were still below pre-pandemic levels -- with the exception of seniors.
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Credit card debt up 15 per cent in Q4, younger Canadians feel hardest pinch: Equifax - BNN BloombergCanadian credit card debt soared in the last three months of 2022 amid rising interest rates and stubbornly high inflation with younger Canadians in particular relying on credit to make ends meet.
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Credit card debt up 15 per cent in Q4, younger Canadians feel hardest pinch: EquifaxCanadian credit card debt soared in the last three months of 2022 amid rising interest rates and stubbornly high inflation with younger Canadians in particular relying on credit to make ends meet.
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Canadian credit card debt up 15% in Q4, younger people feel hardest pinch: EquifaxCanadian credit card debt soared in the last three months of 2022 with younger Canadians in particular relying on credit to make ends meet.
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Canadian credit card debt up 15% in Q4, younger people feel hardest pinch: EquifaxCanadian credit card debt soared in the last three months of 2022 with younger Canadians in particular relying on credit to make ends meet.
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Canadian credit card debt up 15% in Q4, younger people feel hardest pinch: EquifaxCanadian credit card debt soared in the last three months of 2022 with younger Canadians in particular relying on credit to make ends meet.
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