4 in 10 Canadians used credit cards more last year than in 2024: report

Nearly four in 10 (42 per cent) of Canadians said they used their credit cards more often in 2025 compared to the previous year, a new report showed.

More Canadians are coming to rely on their credit cards, with more than half only managing to pay slightly more than the minimum required payments, a new report shows.

Nearly four in 10 (42 per cent) of Canadians said they used their credit cards more often in 2025 compared to the previous year, the 2026 Consumer Debt Report by the Credit Counselling Society showed. This number was up from last year’s figure of 35 per cent, the report said.

Canadians are only just managing to stave off credit debt, the report said, with more than half (52 per cent) reporting that they paid only slightly above the minimum on their credit card balances.

“What stands out is not that Canadians are comfortable with debt, but rather it appears almost half of respondents characterize their feelings about their financial situation as being neutral when compared with last year — in other words, they are feeling numb to it,” states Peta Wales, president and CEO of the Credit Counselling Society.

Almost half (46 per cent) of Canadians have seen an increase in their debt over the last year, the report said. More than half of those who said their debt has increased (52 per cent) said they lost sleep over debt in 2025, while 34 per cent said it has made them physically ill.

Nearly three-fourths (73 per cent) have made lifestyle changes to manage their debt.

However, nearly one in four (23 per cent) are either dealing with their debt once it had reached a critical stage or haven’t done anything about it yet.

Finances and debt are not only affecting their mental health (27 per cent), but also their relationship with their partners (28 per cent) and general outlook on life (27 per cent), respondents said in the survey.