Credit card debt rises as household borrowing slows

By Staff | November 17, 2023 | Last updated on November 17, 2023
1 min read
Rubber stamp with the text "past due" over an invoice document.
Adobe Stock/Olivier Le Moal

While most forms of household borrowing grew more slowly in September, credit card debt rose sharply, Statistics Canada reports.

Total household borrowing rose by 0.2% in the month, an increase of $6.2 billion to $2.9 trillion, the national statistical agency reported.

Household mortgage debt was up 0.3% on a monthly basis, which marked a slowdown from August, StatsCan said. On an annual basis, mortgage debt was up 3.2%.

Total non-mortgage debt rose by just 0.1% in September — led by credit card debt, which surged by $700 million or 0.7% month over month.

However, other forms of non-mortgage borrowing only rose by 0.1%, and balances on home equity lines of credit dropped by around $600 million, muting the impact of rising credit card debt, StatsCan reported.

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The staff of have been covering news for financial advisors since 1998.