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Canadians are experiencing more credit card debt than ever before

Canadians are experiencing more credit card debt than ever before
/ d3sign / Moment / Getty Images

Feel like you’re experiencing more debt than usual these days? Well, looks like you’re not the only one…

According to a recent press release made by Equifax, Canadians are experiencing more credit card debt than they ever have before. In fact, only 50% of Canadians say that they feel financially stable, whereas the other half are experiencing stress with their personal finances.

“Credit card usage is reaching historic highs,” said Julie Kuzmic, Equifax Canada’s Senior Compliance Officer, Consumer Advocacy. “This can be a slippery slope for some, as it doesn’t take long to find yourself burdened by debts, which may become challenging to pay back in this economic environment.”

While there are many reasons for Canadians to be concerned about their finances, some of the major causes of this stress is due to: increase in grocery store prices, increase in living costs, bad credit scores, and so on.

While getting out of debt can be one of the most challenging experiences, the Canadian government suggests that Canadians do the following to help improve their financial situation:

  1. Make a list of your debts.
  2. Review your budget.
  3. Decide on a strategy.
  4. Consolidate your debts.
  5. Avoid taking on more debt.
  6. Know where to get help.
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