Canadians are piling on more debt amid high inflation and interest rates, with total debt at $2.37 trillion in the fourth quarter. Read on.
Equifax points to two primary areas for the additional take-up in credit usage: higher costs of living and newcomers.
However, credit-card payments have started to slow down, with over 300,000 more consumers carrying an unpaid balance from one month to the next as of December 2022 compared to 2021. The average revolving credit-card balance climbed 9.3 per cent during that time. The missed payments are also reflected in the 90-plus day volume delinquency for credit cards and auto loans in 2022.
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