How often do Canadians use thier credit cards?
A staggering bowl from statistics.
A new TransUnion report presents data on Canadians' consumer debt. Consumer debt is all the money owed by consumers. Companies' debts and government debts are not counted.
By April 2023, Canadians' total consumer credit had reached the CAD 2.32 trillion mark, breaking the previous record. Never before have Canadians owed so much.
These record numbers are attributed to two main reasons: high interest rates and unrelenting inflation.
Also, the number of Canadians who decided to use credits has become 30.6 million people out of Canada's population of 39.4 million. It turns out that 78% of the population make up this statistic. That's a 2.9% increase over last year.
Experts at TransUnion say credit growth is fueled by Generation Z consumers entering the credit market and migrants coming to Canada.
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