Canadians are spending more this quarter according to Equifax Canada.
In their latest report, Equifax states that those without a mortgage are holding more than $21k in consumer debt. This is the highest it’s been since the second quarter in 2020.
The number of people who were issued new credit cards has increased by 22.5 per cent since this same time last year.
According to their data, people are spending close to $2,447 on average a month on borrowed cash.
In total, Canadians have more than $2.36 trillion collectively as a nation in consumer debt.
Across the country, Albertans have the highest debt average at $24,926 and the lowest average of $17,095 goes to Manitoba.
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