Holiday spending also means an increase in Canadians debt
MEDICINE HAT – The holiday season can be full of joy but for many Canadians, it can also be a time for incurring more debt. December 23rd is recorded as the busiest shopping day of the year in Canada. Miranda Davies, a business instructor at Medicine Hat College said shoppers are expected to spend $1.1 trillion.
While a lot of money is being spent, it might not immediately paid off.
“Statistics Canada just came out showing us that for every dollar made, $1.67 is spent,” she explained. “Every dollar we are spending are in debt, 60% of the people living in Canada are only paying that minimum payments on their credit cards.”
Davies said the average Canadian holding a credit card, has a debt load of $11,500, with young Canadians holding onto their credit card debt for longer periods of time.