Extra Canadians depend on credit score for necessities: report


With the increased price of dwelling, extra Canadians are counting on credit score for on a regular basis purchases and turning into saddled with extra debt than ever earlier than.

NerdWallet Canada’s 2024 Canadian Shopper Credit score Card Report discovered 69 per cent of Canadian adults used credit score for important purchases prior to now yr, with 31 per cent of respondents indicating they don’t repay their full bank card invoice every month.

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Moreover, greater than half of respondents say they’ve bank card debt, with 51 per cent indicating it would take at the very least six months to repay.

The upper price of dwelling additionally emerged as the highest issue among the many 53 per cent of Canadians whose bank card habits modified prior to now yr, with different main causes being sudden large purchases, change in employment and better housing prices.

A report from Equifax in 2023 discovered Canadians are going through $116.2 billion in bank card debt alone as complete shopper debt hit $2.45 trillion.

“The rise in bank card debt is being pushed by a number of components, together with the rising price of dwelling, increased rates of interest, and the financial slowdown,” Rebecca Oakes, vice-president of superior analytics at Equifax Canada, mentioned in a information launch on the time.

“These components are placing a pressure on family budgets, making it tough for a lot of Canadians to make ends meet.”

Beneficial from Editorial

  1. Paying a little more each month can sometimes save you money in the long run by keeping your options open, writes Sandra Fry.

    5 financially savvy methods to plan to your future

  2. There are options to consider beyond strictly saving your tax refund or using it to pay down debt.

    Smarter methods to place your tax refund to work

  3. Using a credit card to transfer balances and consolidate your debts on one card is a popular, but not typically effective, way people try to borrow their way out of debt.

    The professionals and cons of consolidating your debt

This NerdWallet report echoes earlier information from TransUnion Canada, which discovered 31.8 million Canadians are utilizing at the very least one credit score product, and Gen Z credit score balances have spiked some 31 per cent.

“Inflationary pressures could lead customers to show to bankcards or private loans to assist make ends meet, and Millennials and Gen Z customers aren’t any exception,” Matthew Fabian, director of monetary providers analysis and consulting at TransUnion Canada, mentioned in a information launch.

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