The Areas In Canada With the Most Credit Card Debt
Right in our own backyard!
A new study reveals how the recent spike in living costs disproportionately impacted Canadians, with some residents now reporting extremely high levels of credit card debt.
“Most people will use short-term forms of credit, like credit cards when trying to solve an immediate cash flow problem,” explains Romana King, Senior Editor at Money.ca, an online financial resource offering trending financial topics, money-saving tips, and exclusive deals and discounts.
To assess how often Canadians relied on higher-cost lending solutions, Money.ca analyzed data from the Canada Mortgage and Housing Corporation (CMHC) to discover the metropolitan areas accumulating the most credit card debt.
And once again, Barrie, Ontario is number 1 for something!
Barrie, ON households carry the highest average balance when it comes to credit card debt. On average, each resident in Barrie, ON owes $3,521.54 in outstanding credit card balances.
St. John’s, NL residents carry, on average, $3,451.95 in outstanding credit card balances, ranking the metropolitan area in second place.
Toronto, ON metropolitan area, has the third highest average of credit card debt in Canada, with $3,428.63 in outstanding credit card debt per capita.
Peterborough, Kelowna BC and Brantford follow…
