Three in Five Canadian Credit Card Holders Financially Unhealthy, Study Finds

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. John Cabell, managing director of payments intelligence at J.D. Power, attributes this decline in financial health to Canada’s slow-growing economy, saying, “Canada’s slow-growth economic environment is starting to take its toll on credit card customers, and card usage has started to fundamentally change as a result.”...