By Adam Berls

finance

Record high credit card debt in Canada

Nov 4, 2022 | 4:17 PM

PRINCE GEORGE — A new report is shedding light on how much Canadians use their credit cards and how this is leading to record high debt.

Equifax Canada says that the average credit card balance held by Canadians is $2,121 and that average non-mortgage debt was $21,188, the highest level it has been since 2020.

The report also found that more than half of Canadians said that they have anxiety about their debt levels and Canadians are also feeling less secure in their financial outlook compared to last year.

Melody Desmarais, vice-president of Beverley & Associates Inc., which deals with insolvency says that credit cards are being used so much right now, because it bridges the gap for some. They may not have enough income to purchase necessities so they will put it on their credit card.

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She says that budgeting is key to ensuring that people are not spending more than they are making, and this is important to consider given the rising costs of living in Canada.