As the Bank of Canada announced this week it was pushing pause on interest rate hikes, a new snapshot of Canadians’ debt by Equifax showed credit card debt soared by 15 per cent, totalling more than $100 billion for the first time ever. In addition, total debt climbed six per cent to more than $2.37 trillion. Global’s Anne Gaviola is joined by The Peak Daily podcast’s Brett Chang to discuss how Equifax says higher interest rates are yet to be felt fully by homeowners and whether people should be alarmed.
- More Canadian businesses are missing debt payments, Equifax says
- Why millennials in Canada are hardest hit by debt: ‘Living on the edge’
- Credit card debt up 15% in Q4 with younger Canadians feeling pinch: Equifax