Skip to main content

Credit card debt hit all-time high in Q2 as financial pressure builds: Equifax


Equifax Canada says credit card balances hit an all-time high of $107.4 billion in the second quarter of 2023, in a sign financial stress continued to build in the face of inflation and rising interest rates.

The agency says total Canadian consumer debt reached $2.4 trillion during the second quarter.

Vice-president of advanced analytics Rebecca Oakes says non-mortgage debt growth was largely due to substantial growth in credit card balances and a notable increase in debt among subprime and deep subprime consumers.

The report by Equifax Canada said average non-mortgage debt per credit-active consumer edged up to $21,131.

Oakes says despite mounting credit card debt, credit card delinquencies aren't rising as fast as expected, in part because of an influx of new credit card users which also contributed to the growth in overall non-mortgage debt.

Equifax Canada says many Canadians are slowing down their credit card spending, but lower-income households are having a harder time curbing spending, and fewer consumers were able to pay their monthly credit card balance in full during the second quarter.

This report by The Canadian Press was first published Sept. 14, 2023. Top Stories


DEVELOPING Jasper updates: Wildfire reaches townsite

One of two wildfires threatening the townsite in Jasper National Park has reached the southern outskirts of the Alberta Rockies community.

Biden says he ended re-election bid to unite party

U.S. President Joe Biden on Wednesday delivered a solemn call to voters to defend the country's democracy as he laid out in an Oval Office address his decision to drop his bid for reelection and throw his support behind Vice President Kamala Harris.

Local Spotlight

Stay Connected