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VIDEO: Credit card debt in Canada has never been higher

Equifax Canada says credit card balances hit a record $107.4B in second quarter of 2023

Here's a scary statistic: Equifax Canada says credit card balances hit an all-time high of $107.4-billion in the second quarter of 2023, a surefire sign that financial stress continues to build in the face of inflation and rising interest rates.

The agency says total Canadian consumer debt reached an astounding $2.4-trillion during the same quarter.

Those numbers come on the heels of a recent report from the insolvency firm MNP Ltd., which found the number of Ontarians who can't cover their monthly bills has also reached a record high: 38 per cent, or nearly two out of every five people. More than half — 54 per cent — say they are $200 (or less) away from not being able to meet all their financial obligations.

"The common thing I get when people come to see me is the struggle," said David Gowling, an insolvency trustee with MNP Ltd., during a recent appearance on Village Media's Inside the Village podcast. "This didn't happen last month. It's: 'I've been struggling with this for six months or two years.' They get to the point where can't even make the minimum payments."

Is there reason for hope? Gowling thinks so. You can watch his full interview HERE.

Hosted by Scott Sexsmith and Michael Friscolanti, the Editor-in-Chief of Village Media, Inside the Village is a news and current affairs podcast that provides a weekly window into some of the best local journalism from across our chain of Ontario newsrooms. Produced by Derek Turner, the program also explores bigger-picture issues that impact people across the province.

Every episode is available HERE. If you prefer the audio version, it is available wherever you find your favourite podcasts.

Have something to say? You can reach us at [email protected].

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