Canadians and their Credit Cards

See how your credit card usage compares to the average Canadian

If you are a Canadian adult and you don’t have a credit card, you’re a rarity. According to the Canadian Banker’s Association (CBA), over 90 per cent of Canadian adults have at least one credit card. Credit cards can be an easy, convenient way to make purchases, and they are a quick resource of interest-free cash – that is, if you pay your entire balance before the end of your billing cycle.

If you don’t pay your full balance, you’ll be hit with interest charges. If you only pay the minimum payment, the time required to pay your full balance will be drawn out over a painfully long period of time. And if you don’t pay at all, you’ll be charged penalties and your credit score will suffer.

With statistics from, the CBA, and TransUnion, we have compiled data to show you how Canadians use their credit cards. See how you compare to your fellow Canadians.

It may become clear that your credit use is a lot less controlled than the average Canadian. If your credit card debts are causing you financial and emotional hardships, we can help. Give us a call at to speak to a trained credit counsellor, or get started online with our Free Debt Analysis.

Credit Card Statistics

Credit card ownership

Credit card debt

If you try our credit card debt calculator, you would find that the average credit card debt load ($3,720), at standard APR rates (20%), would take more than 20 years to pay back, with $5,590 charged in interest if you only pay the minimum each month. Be one of the many Canadians who pays back their balance in full each month, and avoid interest altogether.

Paying full balances, or even paying more than the minimum payment, might be easier said than done. Depending on your unique financial situation, it might be impossible. If you’re struggling to get ahead of your bills, give us a call at . A trained credit counsellor can take a look at your debts, budget, and income, and suggest a course of action that will get you out of debt. You can also get the process started by taking our Free Budget Analysis online.

Consolidated Credit Counseling Services of Canada, Inc has been verified as the owner or operator of the Web site located at Official records confirm Consolidated Credit Counseling Services of Canada, Inc as a valid business. Call us today and see what we can do for you.

We are a proud member of the Canadian Association of Credit Counselling Services (CACCS), the national voice for not-for-profit credit counselling services. As a CACCS member, you can trust that our trained credit counsellors strive to provide the best in professional, independent and unbiased personal finance services. We’ve helped hundreds of thousands of Canadians find relief from debt. Call us today to find out if we can help you.

Consolidated Credit Counseling of Canada is proud to be a member and support the Toronto Board of Trade. Founded in 1845, the Toronto Board of Trade is Canada’s largest local chamber of commerce. We share their vision, passion and commitment to serving the community and to foster economic and social welfare of the City of Toronto. Call us today and see what we can do for you.

CCA logo

Consolidated Credit Counseling Services of Canada is accredited by the Canadian Centre for Accreditation – a national organization responsible for ensuring excellence in community service. We meet CCA’s high standards of service and accountability. Give us a call today and find out what we can do for you.

We are proud members of the Ontario Association of Credit Counseling Services (OACCS). OACCS sets the standard of required expertise for the financial counseling industry and the only organization to offer the exclusive professional designation of Accredited Financial Counsellor Canada (AFCC). With over 500,000 people helped, you can be assured that we can find the right solution for you. Call us today.

Time tested and customer trusted. Consolidated Credit Counseling Services of Canada, Inc has been a BBB Accredited Business since 2008 and has a current A+ rating. Call us today and see what we can do for you.

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AFCC (Accredited Financial Counsellor Canada)

AFCC (Accredited Financial Counsellor Canada) is a distinguished professional designation, indicating that a counsellor has successfully completed the program and has specialized knowledge, unique skills and expertise as a qualified Credit Counsellor.

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With this amount of debt, you'd pay around $xx.xx on a DMP.

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