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
Young people 'tortured' if stolen vehicle operations fail, Montreal police tell MPs
One day after a Montreal police officer fired gunshots at a suspect in a stolen vehicle, senior officers were telling parliamentarians that organized crime groups are recruiting people as young as 15 in the city to steal cars so that they can be shipped overseas.
'It was joy': Trapped B.C. orca calf eats seal meat, putting rescue on hold
A rescue operation for an orca calf trapped in a remote tidal lagoon off Vancouver Island has been put on hold after it started eating seal meat thrown in the water for what is believed to be the first time.
Man sets self on fire outside New York court where Trump trial underway
A man set himself on fire on Friday outside the New York courthouse where Donald Trump's historic hush-money trial was taking place as jury selection wrapped up, but officials said he did not appear to have been targeting Trump.
Sask. father found guilty of withholding daughter to prevent her from getting COVID-19 vaccine
Michael Gordon Jackson, a Saskatchewan man accused of abducting his daughter to prevent her from getting a COVID-19 vaccine, has been found guilty for contravention of a custody order.
Mandisa, Grammy award-winning 'American Idol' alum, dead at 47
Soulful gospel artist Mandisa, a Grammy-winning singer who got her start as a contestant on 'American Idol' in 2006, has died, according to a statement on her verified social media. She was 47.
She set out to find a husband in a year. Then she matched with a guy on a dating app on the other side of the world
Scottish comedian Samantha Hannah was working on a comedy show about finding a husband when Toby Hunter came into her life. What happened next surprised them both.
B.C. judge orders shared dog custody for exes who both 'clearly love Stella'
In a first-of-its-kind ruling, a B.C. judge has awarded a former couple joint custody of their dog.
Saskatoon police to search landfill for remains of woman missing since 2020
Saskatoon police say they will begin searching the city’s landfill for the remains of Mackenzie Lee Trottier, who has been missing for more than three years.
Shivering for health: The myths and truths of ice baths explained
In a climate of social media-endorsed wellness rituals, plunging into cold water has promised to aid muscle recovery, enhance mental health and support immune system function. But the evidence of such benefits sits on thin ice, according to researchers.