Canada’s Consumer Debt Hits $2.5 Trillion
Canada’s consumer debt climbed to a record $2.5 trillion in the first quarter, with Gen Z, newcomers and subprime borrowers driving the surge.
Lenders face a pivotal opportunity to shape lifelong financial relationships.
A growing trend of non-mortgage debt, particularly among younger Canadians and newcomers.
Financial education is an increasingly vital missing piece.
The pressure is most acute among below-prime and subprime consumers, who are not only taking on more unsecured debt, but also falling behind on repayments at faster rates.
Ontario and Alberta lead the country in rising delinquencies!
Most debt…is a result of overspending, not living within their means; treating credit like supplementary income, along with the general pressures from an increased cost of living!
Full Read:
- https://www.canadianmortgagetrends.com/2025/06/gen-z-credit-use-up-30-as-canadas-consumer-debt-hits-2-5-trillion/