IN THE KNOW:
Canadians’ Credit Card Report
Canadians have more credit card debt than ever, and it’s taking longer to pay it off. In an economy battered by high interest rates and unrelenting inflation, it’s little wonder Canadians continue to rely on their credit cards for essential spending. Over two-thirds of adults (69%), approximately 22.4 million people, used credit cards to pay for essential purchases in the past 12 months, according to a NerdWallet survey of 1,044 adults.
Key findings:
Rising costs continue to impact credit card usage: Over half of Canadians (53%) say their credit card habits changed over the past 12 months; the most common reason given for the second year in a row was higher prices for goods/services (64%).
Some Canadians will offer financial assistance to their parents: Roughly 3 in 10 Canadians (29%) currently assist or plan to assist their parents financially. In comparison, 1 in 10 (10%) say they want to help their parents pay for expenses but don’t think they will be able to.
Canadian credit card debt is up: More than half of Canadian adults (55%) currently have credit card debt, up from 43% last year; among them, 51% think it will take six months or longer to pay off the debt.
Fees and rewards sway credit card selection: About two-thirds of Canadians (67%) say that no annual fees are one of the most important factors when choosing a new credit card. An equal proportion (67%) say credit card rewards, like points, miles and cash back, are one of the most important determining factors.
Most Canadians seek to increase their creditworthiness: Nearly 3 in 4 (73%) Canadian adults say they are trying to improve their credit score.
Sources: NerdWallet, The Harris Poll
FROM THE CURRENT ISSUE OF DOUGLAS:
Coffee and Reconciliation
The We Wai Kai Nation opens Vancouver island’s first Indigenous-owned Starbucks.
Looking to increase its economic self-sufficiency, the We Wai Kai Nation has collaborated with multinational coffee chain Starbucks to celebrate an Island first: the opening of a cafe built, licensed and operated entirely by a First Nation community. Located in the new Quinsam Crossing development, just off the Inland Island Highway between the Campbell River Airport and downtown, the word Quinsam is defined as “the resting place,” a prophetic description for the growing roadside hub of shops and services.
The cafe’s interior highlights the Nation’s rich culture and connection to the land. The store also features a vibrant mural by local artist Jessica Chickite. Inspired by the Nation’s creation story of the Great Flood, Chickite blends the Starbucks siren with Indigenous elements to symbolize the connection between Starbucks and the We Wai Kai Nation.
MARK YOUR CALENDAR:
Coming up:
MAY
May 15: TEDxVictoria
May 23: Greater Victoria Chamber of Commerce May Business Mixer
May 27-28: Agile Open Canada Technology Un-conference
May 30: Principle for Responsible Management Education Biennial Meeting
JUNE
June 1: Principles for Responsible Management Education Chapter North America Biennial Meeting
June 11-13: Local Government Management Association Conference
June 19: AI Fundamentals for Business camptech.ca/workshops
June 28: Business Leaders Luncheon: BC Hydro CEO, Chris O’Riley
https://www.victoriachamber.ca/upcoming-events.html
