👉A TransUnion report reveals an increase in Canadians paying only the minimum on their credit cards, up to 1.3% from last year, due to rising living costs and higher interest rates. Matthew Fabian of TransUnion Canada highlights that inflation is pushing more people, including millennials and Gen Z, to rely on credit cards and personal loans. The report shows total consumer debt at $2.38 trillion in Q1 2024, slightly down from a record $2.4 trillion in Q4 2023. The number of Canadians with credit products rose 3.75%, driven mainly by newcomers, with millennials holding the largest debt share and Gen Z's debt surging 30%.✅ . 𝐁𝐞𝐬𝐭 𝐈𝐧𝐝𝐢𝐚-𝐂𝐚𝐧𝐚𝐝𝐚 𝐟𝐥𝐢𝐠𝐡𝐭 𝐝𝐞𝐚𝐥𝐬 𝐚𝐰𝐚𝐢𝐭! 𝐑𝐚𝐡𝐦𝐚𝐧 𝐓𝐫𝐚𝐯𝐞𝐥 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬 (𝟔𝟒𝟕) 𝟖𝟖𝟗-𝟐𝟕𝟕𝟔, 𝟗𝟎𝟓-𝟒𝟏𝟐-𝟐𝟕𝟖𝟕 𝐬𝐚𝐥𝐞𝐬@𝐫𝐚𝐡𝐦𝐚𝐧𝐭𝐫𝐚𝐯𝐞𝐥𝐬𝐞𝐫𝐯𝐢𝐜𝐞𝐬.𝐜𝐨𝐦 @rahmantravelservices . . #CreditCardDebt #TransUnionReport #CanadianEconomy #InflationImpact #MillennialDebt #GenZDebt #ConsumerDebt #mnm #malayalisnearmeapp #canadaupdate #canadanews

👉Equifax Canada reports a spike in missed mortgage and credit card payments in Ontario and British Columbia during Q4 2023, driven by higher interest rates and inflation. Mortgage delinquency rates in Ontario surged by 135.2%, while B.C. saw a 62.2% increase, surpassing pre-pandemic levels. Financially stressed homeowners, especially those aged 36 and younger, face payment shocks during mortgage renewals. Housing price disparities contribute to the heightened delinquency in B.C. and Ontario. Nationally, mortgage delinquency rates rose by 52.3%, with total consumer debt reaching $2.45 trillion. Monthly mortgage payments post-renewal increased by $457 on average.✅ . 𝐄𝐱𝐩𝐞𝐫𝐭 𝐌𝐨𝐫𝐭𝐠𝐚𝐠𝐞 𝐀𝐝𝐯𝐢𝐬𝐞- 𝐀𝐭 𝐚 𝐭𝐢𝐦𝐞 𝐚𝐧𝐝 𝐩𝐥𝐚𝐜𝐞 𝐜𝐨𝐧𝐯𝐞𝐧𝐢𝐞𝐧𝐭 𝐟𝐨𝐫 𝐲𝐨𝐮! 𝐉𝐨𝐦 𝐌𝐚𝐭𝐭𝐚𝐦 𝐌𝐨𝐛𝐢𝐥𝐞 𝐌𝐨𝐫𝐭𝐠𝐚𝐠𝐞 𝐀𝐝𝐯𝐢𝐬𝐨𝐫 +𝟏 𝟔𝟒𝟕 𝟗𝟐𝟎 𝟔𝟓𝟑𝟎 𝐣𝐨𝐦.𝐦𝐚𝐭𝐭𝐚𝐦@𝐜𝐢𝐛𝐜.𝐜𝐨𝐦 @jom_mattam . . #MortgageCrisis #FinancialStrain #DebtConcerns #HousingMarket #CreditCardDebt #InterestRateImpact #CanadianFinance #mnm #malayalisnearmeapp #canadaupdate #canadanews