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Canadians have fewer credit cards but rising balances
– moneysense.ca
VANCOUVER (NEWS 1130) – More Canadians than ever have access to some form of credit, according to a new report from TransUnion.
More than 27 million consumers have access to some type of credit, which is just under 75 per cent of the country’s population and also a record.
“And we’ve seen it across most credit products, auto loans, mortgages, credit cards, although the demand for credit cards isn’t as strong. So more and more consumers are getting access to credit. Lenders are granting it because it’s a low-risk environment, low-interest-rate-environment,” says the credit bureau’s Matt Fabian.
How much total ‘credit’ should a couple have?
But our wallets are actually lighter because we’re carrying fewer credit cards, which might seem misleading at first glance.
“The actual credit lines and balances for credit cards are rising. So consumers are still using their credit cards; they’re just not taking out two or three credit cards. They’re using one or two, but they’re using them as much or more than they ever have,” says Fabian…
