Most Of Us Are Saddled With Credit Card Debt

Posted on Friday, February 27, 2015 13:59 PM

52 percent of Atlantic Canadians have the dark cloud of credit card debt looming over them which is six percentage points higher than the national average.

BMO's Credit Card Report for this year shows 52 percent of Canadians pay for most of their purchases using credit cards however 51 percent pay off their entire credit card balance every month.

The report finds 26 percent of people get stuck into a cycle of paying off their credit card with all the money they have then racking up extra debt because they need to pay for other expenses.

33 percent of Millennials see their credit card as additional spending money.