Nearly 60 percent of Canadian credit cardholders are now deemed financially unhealthy, according to a recent report, highlighting a trend of rising interest rates and revolving debt that is affecting consumers’ credit card usage habits.
Unhealthy credit card users in Canada saw an increase to 57 percent, up from 52 percent last year, according to the “2024 Canada Credit Card Satisfaction” report by analytics firm J.D. Power. At the same time, the proportion of cardholders carrying revolving debt increased to 36 percent, from 34 percent in 2023. Revolving debt refers to balances not paid off in full, which accrue interest, increasing the overall cost.
