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Younger Canadians facing mounting debt, with millennials holding largest share

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A new report from TransUnion shows millennials now have the largest share of consumer debt in Canada, to the tune of about $911 billion, and following interest rate hikes and inflation, they're feeling the pinch.

But it's not just millennials struggling, gen Z saw a 30 per cent increase in outstanding balances compared to last year, with credit card and personal loan products the biggest drivers.

Sean Previl reports on what's behind this surge and how financial experts say young Canadians can manage the debt they have.

For more info, please go to https://globalnews.ca/news/10528908/canada-young-canadians-personal-debt-transunion/
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Category
U.S. & Canada
Tags
global news, debt, consumer debt
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