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What New Year’s credit deals promise—and why you should be wary Jan 17th
January is for fresh starts, but too many Canadians are held back by last year’s overspending. Lenders know about new year’s debt-hangovers, so you may be seeing more credit offers in your inbox—but be wary. Used incorrectly, that deal on a balance transfer or sign-up bonus could get you into .... More »
The 12 best travel credit cards in Canada for 2023 May 26th
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The 12 best travel credit cards in Canada for 2023
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RWRDS Daily Update – January 2 Jan 2nd
New RBC Offers from Baton Rouge, Moores, Dropbox and the American Express Centurion Lounge in San Francisco reopens. Check out today's points & miles updates here:
The post RWRDS Daily Update – January 2 appeared first on Rewards Canada..... More »
Details of the HSBC to RBC transition (Last updated Jan 23) + MORE Jan 24th
RBC has laid out a timeline for the transition of banking products from HSBC to RBC and they aren’t wasting any time with the migration! January 23: We now have confirmation that the HSBC Cash Rewards Mastercard is being migrated to the RBC Cash Back Mastercard. No additional extras for HSBC c.... More »
Weekly Shopping Bonus Offers Round Up: Scene+, PC Optimum, AIR MILES & more Dec 26th
It’s Thursday! So you know what that means! Here is your weekly shopping bonus offers round up. Be sure to check your accounts and load all your personalized shopping offers. AIR MILES AIR MILES has a great Boxing Day bonus of 20x miles on all eligible purchases made site wide via AIR MILES Shops..... More »
How much credit card debt does the average Canadian have?
– moneysense.ca
As the country re-opens after COVID-related restrictions, Canadians are faced with a worrying financial picture. Many have moved, others are looking to travel, and the cost of living is ballooning with unusual rates of inflation. Meanwhile, the Bank of Canada (BoC) rate hikes designed to curb these forces are adding pressure to those with variable-rate loans and mortgages. Unsurprisingly, many Canadians are using their credit cards to charge their expenses.
How much debt does the average Canadian carry?
The average monthly credit card spend for Canadians was almost $2,447 in the third quarter of 2022, up by 17.3% compared to the same time in 2021 and up 21.8% in 2019, according to Equifax. And another report from the Canadian credit bureau, Canadian consumer debt has risen to $2.32 trillion, with an average debt load of approximately $21,183—excluding mortgages. These numbers represent an increase of 8.2% over last year, and 6.4% between the first and second quarters of 2022…
