Credit card debt up more than 15% in fourth-quarter, younger Canadians feel hardest pinch

Equifax says overall consumer debt rose in the fourth quarter of 2022, with total debt at $2.37-trillion, up more than 6% from the same period in 2021

Canadian credit card debt soared in the last three months of 2022 amid rising interest rates and stubbornly high inflation with younger Canadians in particular relying on credit to make ends meet.

In its latest quarterly credit trends report, the agency says overall consumer debt rose in the fourth quarter of 2022, with total debt at $2.37-trillion, up more than six per cent from the same period in 2021.

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