2023 Canadian TransUnion report shows 34.5% increase in average credit card balances among younger Canadians, causing debt concerns.

Inflation, housing costs, and interest rates are driving debt growth among younger Canadians, with average credit card balances for this age group increasing 34.5% in 2023 compared to 2022. A TransUnion report reveals that the number of Canadians paying only the minimum amount on their credit cards rose to 1.3% in Q1 2023. This debt growth is causing concern for financial professionals who are working to help young Canadians break the cycle of debt.