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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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Smart Money Moves for a Stronger Year Ahead


Saving money isn’t about extreme sacrifice — it’s about making intentional choices that strengthen your financial footing. Drawing on insights from personal finance experts, here’s a concise guide to help you build momentum this year.

Start With a Clear Snapshot

You can’t improve what you don’t measure. Review your monthly spending, categorize it, and identify patterns. Many people discover “leaks” — small, frequent expenses that add up surprisingly fast. Tightening those areas often frees up more cash than expected.

Automate Your Savings

Experts consistently emphasize automation because it removes willpower from the equation. Set up automatic transfers to a savings account right after payday. Even modest amounts accumulate quickly when they’re consistent.

Reevaluate Recurring Costs

Subscription creep is real. Audit your memberships, streaming services, apps, and recurring charges. Cancel anything you don’t use regularly. For essentials like insurance or phone plans, compare providers — switching can yield meaningful savings.

Cook More, Spend Less

Food spending is one of the easiest categories to optimize. Meal planning, cooking at home, and reducing food waste can cut your grocery and dining-out costs dramatically without feeling restrictive.

Use Credit Wisely

If you carry a balance, prioritize paying down high‑interest debt. Consider consolidating if it lowers your rate. For those who pay in full, choose a rewards card that aligns with your lifestyle so you earn value on purchases you’d make anyway.

Set One Financial Goal

Whether it’s building an emergency fund, saving for a trip, or paying off a loan, choose a single priority. Focus creates momentum, and momentum builds confidence.


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