The agency says in its latest consumer credit report that on average, consumers are spending 21.5 per cent more each month on their credit cards compared with pre-pandemic levels.
Oakes says the higher cost of living and the influx of new credit customers have driven credit card balances to rise by 14.5 per cent year-over-year.
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Credit card balances increase in first quarter as mortgage market slows, Equifax Canada saysEquifax Canada says in its latest consumer credit report that on average, consumers are spending 21.5% more each month on their credit cards compared with pre-pandemic levels
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Credit card balances increase in first quarter as mortgage market slows: Equifax - BNN BloombergEquifax Canada says credit demand was high in the first quarter of the year while the mortgage market saw a significant slowdown.
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