In this infographic, we discuss the amount of credit that consumers in Canada have piled on during the 2019 winter season.
Average Canadian household debt during the 2019 winter season
We have always been talking about how credit cards can lead to irresponsible shopping and at the same time, help you out with buying some necessary things which you cannot afford to pay fully up-front for. But what it also does is that you end up piling up a lot of credit before you know how serious it is.
If you are in Canada, be it any province or city for that matter, you are bound to carry an average of two credit cards with you. This translates into a greater credit limit resulting in more purchases using the credit cards. The Canadian debt levels have risen and so has the delinquency.
How much is the piled up credit in Canada in 2019?
The infographic below reflects on the average Canadian debt during the 2019 winter and the numbers are staggering. Let’s go through some of those.
Is the credit high in Ontario or Quebec province?
The answer to this is a simple NO. Though Ontario and Quebec are the most popular provinces for students or permanent residents, Alberta emerges with the most credit piled with a number of a staggering $29,117 and Manitoba being the lowest at $18,815.
While Quebec shows the average debt of $19,410, Ontario is somewhere in the middle of the highest and the lowest with the average debt being $24,032.
Which city in Canada has the highest average debt then?
If you look at the cities, Fort Murray with a population of 66,573 leads the race with an immense average debt figure of $39,007 while Montreal, the largest city in the Quebec province with a population of 1.7 million and above, is the lowest at $17,796.
Canada’s capital Ottawa lies in the middle of the range with an average debt of $22,595 while Toronto has numbers of $23,047. It also shows that the average debt can be higher for cities that have a lesser population.
What does this infographic tell you?
This infographic gives you a clear picture of the average debt in Canada by breaking it down into provinces and further splitting it into cities. We understand that the numbers are huge but again, that’s what it is and it is exactly why you shouldn’t be drawn into the temptation of exhausting your credit card.