B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
A new study shows Canadians are charging slightly less to their primary credit cards than they did a year ago as inflation remains high and buy now, pay later services grow more prominent.
J.D. Power's survey of 6,478 Canadian credit cardholders released Thursday found the average consumer spent $1,144 per month on their primary card this year, down $11 from a year ago.
However, the consumer data firm discovered cash, debit and other non-credit card-related spending is up 51 per cent this year.
The findings come as Canadians are grappling with soaring costs as inflation sits at 7.6 per cent and interest and mortgage rates climb with further hikes anticipated.
Credit cards remain popular for handling such headwinds -- J.D. Power found customer satisfaction with credit cards is 764 on a 1,000-point scale -- but some Canadians are considering alternatives when buying big ticket items.
"Overall credit card customer satisfaction in Canada has been remarkably steady for the past several years, and we're even seeing some increases in satisfaction with product and benefit-level satisfaction, but macroeconomic trends and growing competition from alternative lending providers should raise concern for card issuers, "John Cabell, managing director of payments intelligence at J.D. Power, said in a news release.
J.D. Power found 36 per cent of credit card customers would consider other financing options such as personal or instalment loans and buy now, pay later services, when making large purchases.
Personal loans are the most popular of the lending alternatives, considered by 21 per cent of customers mulling a large purchase, followed by buy now, pay later companies at 17 per cent.
The data indicates credit card companies need to move fast to hold onto customers, especially as recession predictions loom, said Cabell.
"Steps taken now to tighten up problem resolution, better align rewards and benefits with customer needs and improve customer engagement will be critical for customer retention and growth as we enter a potentially difficult economic cycle."
His company's research found 27 per cent of credit card customers feel they completely understand their card's benefits and features and among cashback cardholders, satisfaction with rewards declined "significantly" this year.
J.D. Power's study was conducted between May and June and reached its conclusions by asking consumers about benefits and services, communication, credit card terms, customer interaction and rewards offered by financial institutions and services.
One portion of the survey measured financial health by combining individual consumers' spending/savings ratio, credit worthiness and safety net items like insurance coverage, and placed the respondents on a continuum from healthy to vulnerable.
More than half of respondents with credit cards are now classified as financially unhealthy, up nine percentage points from a year ago.
J.D. Power highlighted that this shift is even more pronounced than what has been seen in the U.S., where the proportion of financially unhealthy credit card customers edged up by four per cent this year.
It also pointed out that 24 per cent of credit card customers in Canada consider themselves worse on a financial basis this year compared to last.
More than 30 per cent of credit card customers say they are carrying revolving debt on their primary cards, up from 24 per cent in 2021.
This report by The Canadian Press was first published Sept. 14, 2022.
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment which has been banned at Queen’s Park.
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
As Donald Trump was running for president in 2016, his old friend at the National Enquirer was scooping up potentially damaging stories about the candidate and paying out tens of thousands of dollars to keep them from the public eye.
After Prime Minister Justin Trudeau said the federal government would still send Canada Carbon Rebate cheques to Saskatchewan residents, despite Saskatchewan Premier Scott Moe's decision to stop collecting the carbon tax on natural gas or home heating, questions were raised about whether other provinces would follow suit. CTV News reached out across the country and here's what we found out.
A Montreal actress, who has previously detailed incidents she had with disgraced Hollywood producer Harvey Weinstein, says a New York Court of Appeals decision overturning his 2020 rape conviction is 'discouraging' but not surprising.
Caleb Williams is heading to the Windy City, aiming to become the franchise quarterback Chicago has sought for decades.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”
At 6'8" and 350 pounds, there is nothing typical about UBC offensive lineman Giovanni Manu, who was born in Tonga and went to high school in Pitt Meadows.