10 Facts About Canadians and Their Spending Habits

Canadians spend over $300,000,000,000 on their credit cards every year! More than the Chinese & Russian defence budgets combined! The average Canadian who has a credit card balance owes around $8,600! That’s 5 times more than the per capita GDP of India! The average spend per active credit card account is $9,700. That’s more than the average annual […]

Canadians racked up $100 billion in credit card debt for first time ever and they’re not done adding to it

Canadians will likely see a slight increase in debt and delinquencies next year, particularly in Western provinces hit by downturns in the oil and farming industries, according to a new report by a consumer credit reporting agency. The average Canadian’s non-mortgage debt may increase by 1 per cent to $31,531 by the end of 2020,[…..]

Is the cheque disappearing any time soon?

How Canadians interact with money – both physical and digital – is changing as financial technology evolves. The options available to Canadians to make payments have never been more plentiful: from cash, credit cards, Interac and e-mail transfers, to a growing number of mobile payment apps. And yet last year, 875 million payments in this[…..]

50% of Canadians face insolvency amid ‘debt hopelessness’: Survey

Half of Canadians are on the verge of insolvency, according to a survey on household debt levels in this country. The latest MNP Consumer Debt Index published Monday shows 50 per cent of respondents said they’re within $200 of not being able to cover their monthly bills, and nearly an equal proportion of participants in[…..]