Canadian Credit Card Debt Hits Record High

People are trying to hold on their standard of living amid high-tax inflationary government policies.

The average credit card debt of Canadians has hit a new record high:

“Equifax Canada’s consumer survey released Tuesday found the average credit card balance held by Canadians was at a record high of $2,121 by the end of September.”

Canadians are also growing more concerned about this rising debt:

“More than half of Canadians surveyed said they have a lot of anxiety about their personal debt levels.

Equifax Canada’s Julie Kuzmic says the previous average credit card balance high was during the fourth quarter of 2019, at $2,118.

She says average credit card debt fell during the pandemic, but credit card utilization has now increased for six consecutive quarters.

“Credit card usage is reaching historic highs,” said Kuzmic in a statement Tuesday.

She said that increased credit card usage will be a “slippery slope” for some, as debt may be harder to pay back in the current economic environment.

More than half of respondents said they are looking for deals at the grocery store more than last year, or cutting back on grocery shopping altogether.”

Tax less, produce more

Canada’s economic malaise is no surprise.

We don’t produce enough of what people want, and our taxes are too high.

High taxes make things more expensive, and a shortage of goods drives prices up further.

Add to that a massive flood of printed money driving down the value of our currency, and we have the situation we see all around us.

Wages aren’t keeping up with inflation, so the situation worsens as time goes on.

Who has credibility on this?

A key reason Pierre Poilievre won the CPC leadership race is that he was warning about the danger of inflation two years ago, when even the Bank of Canada was foolishly claiming it wouldn’t be a problem.

Thus, Poilievre has credibility.

By contrast, Justin Trudeau & Jagmeet Singh do not.

Their policies have failed, and have led us to this moribund economic situation.

As Poilievre notes, we can’t fix this situation unless federal policies change dramatically:

“The cost of government is driving up the cost of living.

A half trillion $$ of Liberal deficits bid up the cost of goods everywhere. #JustinFlation

The only way to fix it:
-Get spending under control
-Stop creating cash
-Create more of what cash buys: energy, food & homes.”

Canada must be led by those who have credibility, and that ongoing failure of Liberal-NDP policies erodes their credibility each and every day.

Spencer Fernando

Photo – YouTube


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