A recent Equifax Canada survey reveals that one in four Canadians expect to make only minimum monthly credit card payments, signaling mounting financial pressure on households. The survey of over 1,500 Canadians found that 25 per cent of respondents anticipate affording only minimum payments, while another seven per cent believe they are likely to fall behind. Forty per cent report spending more overall than a year ago, more than double the 18 per cent who are spending less. Households with children and adults under 55 are facing greater strain, with 51 per cent of those with children spending more than last year and 42 per cent using more credit for essential expenses. Among those under 55, 31 per cent expect to make only minimum payments, compared with 16 per cent of those aged 55 and older.
Equifax IncSurvey shows consumers struggling with payments, indicating weaker demand for Equifax's credit reporting services.
