Posthaste: High cost of living has more Canadians using credit for essentials [Yahoo! Finance Canada]
NerdWallet, Inc. - Class A (NRDS)
Company Research
Source: Yahoo! Finance Canada
Seventy-five per cent have used a credit card to pay for an essential purchase such as groceries or utilities in the past year, up from 74 per cent last year and 69 per cent in 2024, according to a new report by NerdWallet Canada. That echoes a recent Toronto-Dominion Bank report that said 70 per cent of its clients' spending growth comes from groceries and convenience store purchases, up from 40 per cent a year ago. Despite the increased credit card use, 55 per cent of Canadians told NerdWallet they are paying their credit balance in full every month, up from 51 per cent in 2025. “Cost-of-living crunch be damned, Canadians are getting better at keeping their card balances in check,” the report said. Credit card balances, however, still hit a record $131 billion in the fourth quarter of 2025, though missed payments for the quarter rose at a slower-than-expected rate. “It looks as though consumers have pulled back a little bit in terms of their credit card spending,” Rebecca
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