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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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Mindful Money Moves: Getting the Most From Every Dollar



In a world buzzing with ads, deals, and “must-haves,” it’s easy to let spending slip into autopilot. But the real financial power lies in intentional choices — knowing where your money goes and making sure it works for you.

Here are a few strategies to transform your spending habits without feeling deprived:

  • Prioritize Value Over Price – The cheapest option isn’t always the smartest. Think in terms of durability, usefulness, and long-term cost.
  • Track the Little Things – Daily coffee runs or impulse purchases might seem minor, but over weeks and months, they add up to a meaningful chunk of change.
  • Automate the Essentials – Set recurring transfers for bills and savings so you’re protecting your future without the monthly mental load.
  • Invest in Experiences – Studies show people often value memories over material goods. Choose purchases that enrich your life in lasting ways.
  • Shop With Intention – Pause before clicking “buy” to ask yourself if it truly serves a purpose or just fills a fleeting want.

Smart spending isn’t about living small — it’s about choosing where to go big and where to scale back. By focusing on what matters most, you not only stretch your dollars further but also build a life that feels rich in more than just money.



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