More than one in three Canadian credit card holders carry a balance as rising costs leave many Canadians feeling financially squeezed, according to new data from Vividata’s SCC | Study of the Canadian Consumer Winter 2026.
Among Canadian credit card holders, 36 per cent say they typically carry a balance, often relying on credit cards to cover emergencies or when they are short of money, said the report.
Those carrying credit card balances are also more price-conscious in their everyday spending and more likely to cut back on daily expenses. Canadians with mortgages or loans, meanwhile, are more likely to focus on discretionary purchases such as vehicles, electronics, and vacations when managing their budgets, explained Vividata.
“Debt plays very different roles depending on a household’s financial situation,” said Pat Pellegrini, President and CEO of Vividata. “For some Canadians, credit cards are simply a rewards tool. For others, they’re increasingly being used to cover gaps when money runs short.”
Vividata said the research shows how debt is impact Canadians:redit cards:
- 58 per cent say they have less disposable income than before;
- 49 per cent say they often feel they are living paycheque to paycheque;
- 51 per cent say they need to stick to a budget to make ends meet;
- 37 per cent say they feel overwhelmed by financial burdens;
- 71 per cent say the rising cost of living has reduced how much they are able to save ;74 per cent say rising costs have made them more careful about how they spend money
Canadians carrying credit card balances report even higher levels of financial strain, with 68 per cent saying they have less disposable income and 53 per cent saying they feel overwhelmed by financial burdens, added the report.
“Younger Canadians are far more likely to carry non-mortgage debt. Canadians aged 25 to 34 are the most likely to hold credit card balances, personal loans, and other forms of consumer debt,” said Vividata.
“Mortgage ownership, meanwhile, is most concentrated among Canadians aged 35 to 49, who represent the largest share of mortgage holders and are more likely to live in higher-income households with children.
“Higher-income households earning $150,000 or more and families with children are significantly more likely than average Canadians to hold mortgages. Despite high home prices, many homeowners are well into repayment, with about 60 per cent of mortgage holders having 15 years or less remaining on their mortgage.”
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