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1 in 4 Canadians Can Only Afford the Minimum Payment on Their Credit Card

  Published August 24, 2026 · Canadian Money Brief A new survey from Equifax Canada puts a hard number on something a lot of us have felt creeping up all year: credit cards are doing more of the heavy lifting in Canadian budgets, and fewer people are paying them off. Of more than 1,500 Canadians surveyed, a quarter said they expect to make only the minimum monthly payment on their credit card, and another 7% think they'll fall behind entirely. That leaves just over half — 56% — who expect to pay their balance in full each month. The survey also found that 40% of respondents are spending more overall than they were a year ago, more than double the 18% who say they're spending less. Nearly 3 in 10 said they're leaning more heavily on credit cards to cover essentials like groceries and utilities, and close to a quarter are dipping into savings to keep up with everyday costs. More than a third have cut back on contributions to savings, investments, or education funds to make ro...
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Starmer Retreats on Welfare Cuts Amid Mounting Labour Dissent

British Prime Minister Keir Starmer has scaled back controversial welfare reform plans following a significant backlash from within his own Labour Party. The proposed changes, which aimed to tighten eligibility for key disability benefits and reduce support for low-income individuals with health conditions, were expected to save the government £5 billion annually.

However, more than 100 Labour MPs publicly opposed the reforms, warning they would disproportionately harm vulnerable citizens. Facing a potential defeat in Parliament just a year after his landslide election victory, Starmer’s government announced that existing recipients of the Personal Independence Payment (PIP) would no longer be affected. The revised plan will now apply only to new claimants.

Work and Pensions Minister Liz Kendall emphasized that the government remains committed to reforming the welfare system to ensure sustainability while protecting those most in need. The move was welcomed by some Labour figures as a “workable compromise,” though critics labeled it another in a series of government U-turns.

The revised bill is set to be voted on in Parliament on July 1.

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