Reported about 1 month ago
According to Equifax Canada, the average credit card balance for Canadians reached C$4,300 ($3,200) in the second quarter, the highest since 2007. Rising interest rates and unemployment are contributing to increased borrower stress, particularly among those under 35, as consumer debt levels soared to C$2.5 trillion. The report highlighted that credit card borrowing is the main driver of debt, with a noticeable rise in delinquency rates, particularly among younger Canadians, as financial pressures mount.
Source: YAHOO