One in four Canadians brace to pay only their credit card minimums: report
Forty percent report spending more overall than a year ago, more than double the 18 percent who are spending less.
“The results point to mounting financial pressure for many households,” said Rebecca Oakes, vice-president of advanced analytics at Equifax Canada.
The survey found that 29 percent of respondents are using credit and savings to manage everyday expenses, while 35 percent are cutting back on future contributions and expecting to make only minimum payments.
“When these pressures begin to overlap, households can lose financial flexibility quickly,” Oakes said.
The pressure is reaching essential spending, with 29 percent using more credit than a year ago to cover groceries, utilities and other basics, 23 percent drawing on savings for day-to-day costs, and 20 percent leaning more heavily on credit cards and lines of credit, according to the survey.
