JOURNAL ARTICLE

Canada Credit Card Balances Highest on Record, Equifax Says.

  • Published In: Bloomberg.com, 2024. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Hughes, Stephanie 3 of 3

Abstract

Canadian credit card holders had an average balance of C$4,300 ($3,200) in the second quarter, the highest level since 2007, according to Equifax Canada. Rising unemployment and a high interest-rate environment are straining borrowers, particularly younger Canadians. Consumer debt levels reached C$2.5 trillion, with credit card borrowing being the biggest contributor to rising debt. The report also highlighted a drop in pay rates, especially among cardholders under the age of 35, and a rise in mortgage holders' credit card balances. Despite stabilizing inflation, increased financial stress due to rising unemployment remains a concern. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2024/08, pN.PAG
  • Document Type:Article
  • Subject Area:Information Technology
  • Publication Date:2024
  • Accession Number:179276897
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