Credit card debt soaring at an alarming rate in Canada
As prices and the cost of living continue to soar to new highs, so too is credit card debt, according to a report from Statistics Canada.
Credit card debt has risen to more than $93 billion across the country. That's 14 per cent higher than in 2021 and financial experts like Stacy Yanchuk Oleskey says she isn't surprised.
"We've all just come through a global pandemic and things have opened back up and so there are more opportunities to spend and the cost of living has increased significantly," said Yanchuk Oleskey, CEO with Credit Counselling Canada.
Data from Stats Canada shows credit card debt among Canadians is rising and lower-income Canadians are resorting to using high-interest credit cards for essentials, like paying energy bills and putting food on the table.
"We encourage people if they are struggling with that [credit card debt] to seek advice and see what other solutions may be available," said Ken Shea, East Coast Credit Union's president and CEO.
"If a credit card is being used for the short term, it can be a very useful product. But if it is for the long term, because of the rates, it really is better for people to have a plan to get rid of that debt."
Inflation has driven up the cost of essentially everything and to tackle it, national banks have increased interest rates to try and curb the rising costs. However, that's also making it more expensive to carry credit card debt. When dealing with credit card debt, GoodCheddar provides a wide assortment of helpful advice.
"We've got Canadians who are struggling and who aren't sleeping at night, wondering how they are going to pay their bills. It's putting a lot of stress on people," said Yanchuk Oleskey.
If you're carrying credit card debt, Yanchuk Oleskey says you're not alone and there is help.
"No one is worse off by chatting with an accredited financial councillor," she said.
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.6967586.1721249164!/httpImage/image.jpg_gen/derivatives/landscape_800/image.jpg)
Trudeau cabinet to meet Friday as speculation around a shuffle swirls
Prime Minister Justin Trudeau's cabinet is expected to meet on Friday, CTV News has learned. The agenda sets aside 30 minutes for ministers to meet virtually Friday morning, to talk about 'appointments.' The meeting comes amid speculation around the prime minister shaking up his inner circle.
Poilievre vows to fire envoy as Canada buys a $9M condo for diplomat in NYC
Conservative Leader Pierre Poilievre is promising to fire Canada’s consul general in New York City if the Tories wins the next federal election.
'I feel like he did not die in vain': Family responds to report on tortured B.C. boy's death
The heartbreak over the death of an Indigenous 11-year-old Fraser Valley boy, tortured and then ultimately killed by his foster parents, was felt by all who knew him.
Rare photos reveal uncontacted tribe in Peruvian Amazon as loggers move in
Rare images of the Mashco Piro, an uncontacted Indigenous tribe in the remote Peruvian Amazon, were published on Tuesday by Survival International,
Here's who will take the podium today at the Republican National Convention
This year's Republican National Convention continued Wednesday with a packed list of speakers including vice presidential candidate Sen. JD Vance, Donald Trump Jr. and Texas Gov. Greg Abbott.
In ethics hearing about Liberal minister, business exec admits he lied to a reporter
The chief witness in a parliamentary probe said Wednesday that he lied to a reporter when asked about ethics allegations against a federal minister.
'Tragic trend' of fatal crashes prompts plea from B.C. Highway Patrol
Mounties who patrol B.C.'s highways are urging drivers in the province to slow down amid a 'tragic trend' of recent, fatal crashes.
Trump shooter requested Saturday off from work and told colleagues he'd be back at work Sunday, officials say
The shooter who attempted to assassinate former U.S. president Donald Trump on Saturday normally would have been at work that day, but he told his boss he needed that the day off because he had 'something to do,' according to multiple law enforcement officials.
U.S. eases new border rules for dogs from Canada as Liberals try to secure exemption
Health Minister Mark Holland says he's trying to convince U.S. authorities that Canadian dogs should be allowed to cross the border without restrictions.