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The study, which draws data from the (CMHC), also points to areas with less significant debt levels. Notably, Trois-Rivières, Quebec, registers the lowest credit card debt figures in the country.
Romana King, a senior editor at Money.ca, explains that credit cards often serve as a short-term solution for immediate financial difficulties. Money.ca, an online platform providing financial advice and resources, undertook this analysis to track high-cost lending trends across various Canadian cities.
|
Rank
|
Census Metropolitan Area
|
Outstanding Credit Card Balance per capita
|
|
1
|
Barrie, Ontario
|
$3,521.54
|
|
2
|
St. John’s, Newfoundland, and Labrador
|
$3,451.95
|
|
3
|
Toronto, Ontario
|
$3,428.63
|
|
4
|
Peterborough, Ontario
|
$3,405.19
|
|
5
|
Kelowna, British Columbia
|
$3,394.11
|
|
6
|
Brantford, Ontario
|
$3,387.26
|
|
7
|
Kingston, Ontario
|
$3,344.16
|
|
8
|
Calgary, Alberta
|
$3,273.16
|
|
9
|
Thunder Bay, Ontario
|
$3,270.76
|
|
10
|
Hamilton, Ontario
|
$3,264.93
|
The findings also reveal that Toronto, Ontario, and Peterborough, Ontario, are not far behind, with average debts of $3,428.63 and $3,405.19, respectively. Kelowna, British Columbia, rounds out the top five with an average debt per capita of $3,394.11.
Other cities featured in the top ten for highest credit card debt include Brantford, Ontario; Kingston, Ontario; Calgary, Alberta; Thunder Bay, Ontario; and Hamilton, Ontario. These cities exhibit slightly lower, yet substantial, average debts ranging from $3,387.26 to $3,264.93 per capita.
