Record High Credit Card Debt in Canada: Implications and Causes

According to Equifax, credit card debt in Canada has reached its highest level since 2007, raising concerns among experts and economists. Studies show that Canadians currently owe over 103 billion Canadian dollars on credit cards, which is a 9% increase compared to the same period last year. This also means that the average debt per person has risen to more than 4,800 Canadian dollars.

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