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What is causing Canadians to take on more credit card debt?

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With Canadians paying more for everything from food, to rent and mortgages, many of us are feeling the financial squeeze.

And recent data shows both Canadian households and businesses are relying more often on credit cards to help make ends meet.

According to the consumer credit reporting agency Equifax, spending on credit cards is up more than 21 per cent compared to before the pandemic.

But experts warn credit card debt can snowball and dig you into a deeper financial hole.

Anne Gaviola explains.

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Category
U.S. & Canada
Tags
global news, credit card debt, credit card spending
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