Growing number of Canadians rely on credit cards to pay for essentials: Survey

A growing number of Canadians have turned to their credit cards as a means to cover essential items within the past year, a NerdWallet survey released on Monday revealed.

Seven in 10 Canadians (70 per cent) said they have used credit to pay for essentials items, including groceries and utilities, within the past 12 months, the data showed. Alternatively, one in three survey respondents (33 per cent) said they have redeemed credit card rewards to pay for mandatory items.

Of those who reported a change in their credit card habits in the last year, 68 per cent said it was because of the increased costs of goods and services.

While inflation in Canada has begun to cool, the latest consumer price index read showed an unexpected rise. In April, inflation rose 4.4 per cent annually, according to Statistics. The data was hotter than economists had forecasted.