Business UpdateAug 6, 2026, 05:32 AM
Equifax Canada Survey: 1 in 4 Canadians Expect Minimum Credit Card Payments
AI Summary
An Equifax Canada survey of over 1,500 Canadians reveals mounting financial pressure on households. Nearly one in four (25%) Canadians expect to make only minimum monthly credit card payments, with an additional 7% anticipating falling behind. The findings indicate that 40% are spending more overall than a year ago, leading 29% to use more credit for essential expenses and 35% to cut back on future savings. Equifax highlights these trends to help lenders engage with borrowers more confidently amid changing economic conditions.
Key Highlights
- 25% of Canadians expect to make only minimum monthly credit card payments.
- 7% of respondents believe they are likely to fall behind on credit card payments.
- 40% of Canadians report spending more overall than they were a year ago.
- 29% are using more credit than a year ago to pay for essential living expenses.
- 35% have reduced contributions to savings, investments, or education funds.
- 67% have reduced entertainment and leisure expenses due to financial pressure.
- 51% of households with children are spending more than a year ago.
- 36% of Canadians under 55 are using more credit for essential expenses.
Price Impact
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