Managing debt to build wealth Aug 21st

How to go about securing the best rate and plan for your credit card in Canada.

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Managing debt to build wealth

– moneysense.ca

It’s an eyebrow-raising trend: non-mortgage delinquencies have reached levels not seen since 2009, according to a report by Equifax, one of the three largest consumer credit reporting agencies. Specifically, 1.4 million people in Canada have recently missed a credit payment.

But it’s not all bad news behind the dire headline—and there is an opportunity to help young people, in particular, understand the difference between good debt and bad debt.

So, where’s the good news?

Total consumer debt in Canada was $2.55 trillion at the end of the first quarter (Q1) of 2025, up 4% year-over-year. That’s a huge number—and interestingly, almost twice the federal government’s record-setting debt of just over $1.4 trillion.

Still, that consumer debt number is down more than $6 billion from the end of 2024. While average non-mortgage debt rose to $21,859 per person in Q1 2025, there may be some valid reasons for it.

Age is a factor in debt acquisition

Debt, statistically, is a recurring issue for younger people…

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