A new report suggests many people living in the capital city are carrying around a heavy burden with residents owing nearly $3,500 in credit card debt.
The survey was done by www.money.ca
BDO Licensed Insolvency Trustee and host of VOCM’s Your Money, Nancy Snedden, says the survey found that the only city in Canada carrying a higher debt per person is Barrie, Ontario. Kelowna, B.C., Calgary, Alta. and six other cities in Ontario round out the top ten.
Snedden says she has seen financial data from firms such as Equifax showing that more and more people are relying on credit as the cost of living soars. As difficult as it can be, Snedden says credit cards should be used only for emergencies.
Credit card usage is up, monthly balances are up, and delinquencies are up. Delinquency in credit card talk means that the person has not made a payment in 90 days, and the latest Equifax report shows that delinquencies are up by 17 per cent in St. John’s.