Nearly one in three Canadians are carrying credit card debt, most of it at interest rates above 19%, according to new federal data.Blacklock's Reporter says the Canadian Financial Capability Survey, commissioned by the Financial Consumer Agency, paints a bleak picture of household finances across the country. About 31% of Canadians report carrying a credit card balance, while 60% say they are struggling or sometimes struggling to keep up with their bills. The strain is felt most acutely among women, younger and middle-aged adults, people with lower incomes, lower education levels, and those with disabilities.The report found that 34% of Canadians are spending more each month than they earn, and nearly half — 47% — admit they have too much debt. .Another 49% said they’ve had to rely on credit cards, overdrafts or personal savings just to cover day-to-day expenses.Asked directly about their ability to pay bills, 16% said they cannot keep up, 42% said they’re barely managing, and 39% said they are falling behind. The survey, based on responses from 7,963 Canadians, cost the agency nearly $300,000 to conduct.While Ottawa insists the economy is still growing, the latest figures suggest that for millions of Canadians, it doesn’t feel that way.
