Canadians owed $134.2 billion on their credit cards at the end of June 2026, and the average balance per cardholder was $4,763 as of the most recent published reading. Those two numbers get quoted often. Neither one tells the whole story, because about two thirds of cardholders pay in full every month. The interest, the delinquencies and most of the growth sit with the remaining third.
Key Takeaways
- Total credit card balances reached $134.2 billion in Q2 2026 (Equifax Canada), up from $131 billion at the end of 2025. TransUnion measures card balance growth at 5.1% year over year.
- The average balance per consumer is $4,763 (TransUnion, Q4 2025). Because about 65% of cardholders pay in full each month, those who carry a balance owe considerably more than the average.
- The 90-day credit card delinquency rate was 4.19% in Q2 2026 (Equifax, balance-weighted), with ages 26 to 35 showing the highest non-mortgage delinquency of any age group. Alberta leads the provinces; Quebec is lowest.
- Credit card rates havent followed the Bank of Canada down. Standard purchase rates remain 19.99% to 21.99% at the major banks, so the policy cuts since 2024 have changed almost nothing for anyone carrying a balance.
- The free NotchUp payoff calculator shows what a fixed monthly payment does to any balance, including the shrinking-minimum effect that turns $5,000 into a 21-year debt.
This article collects the 2026 numbers from Equifax Canada, TransUnion Canada, Statistics Canada and the Bank of Canada, each attributed to the report it came from. Figures were verified September 2026 against the sources listed at the end.
The Headline: $134.2 Billion and Rising
Equifax Canada reports total credit card balances of $134.2 billion for the second quarter of 2026 (April to June), up from $130.6 billion in the first quarter. Balances had closed 2025 at $131 billion, itself 4.04% higher than a year earlier, so the small first-quarter dip reads as the usual post-holiday paydown rather than a change in direction.
TransUnion, which works from a different file and reports growth rates rather than the same dollar totals, puts card balances up 5.1% year over year in the second quarter. It also puts total consumer debt at a record $2.64 trillion, up 4.6%, across 32.5 million credit-active Canadians; Equifax’s figure is $2.68 trillion, with non-mortgage debt at $712.2 billion, up 4.8%. The bureaus never match to the dollar because their coverage and definitions differ, but they agree on the direction: card debt is growing faster than debt overall.
| Canadian credit card balances | Total | Source |
|---|---|---|
| Q4 2025 | $131 billion | Equifax |
| Q1 2026 | $130.6 billion | Equifax |
| Q2 2026 | $134.2 billion | Equifax |
| Year-over-year growth, Q2 2026 | +5.1% | TransUnion |
The Average Canadian’s Credit Card Balance
The latest published per-consumer figure comes from TransUnion’s Q4 2025 Credit Industry Insights report: an average credit card balance of $4,763, up from $4,681 a year earlier, a rise of 1.74%. No 2026 per-consumer balance had been released at the time of writing, so treat $4,763 as the most recent reading rather than a 2026 number.
Equifax publishes a different per-consumer measure that is easy to mistake for a balance. It reports average inflation-adjusted credit card spend per consumer of $2,192 at the end of Q2 2026, 1.4% above a year earlier. Thats what people put on their cards, not what they owe at statement time.
The average also flattens a distribution that is anything but flat. If two thirds of cardholders pay in full, their carried balance is effectively zero, which means the third who do carry one are holding considerably more than $4,763 each. Neither bureau publishes a carried-balance-only average, but the arithmetic only points one way.
Two Thirds Pay in Full. The Other Third Is the Story
Equifax’s credit-file data for Q2 2026 shows 65% of consumers paid their card balance in full each month, unchanged from the previous quarter. Roughly one in three carried a balance into the next statement. The share paying in full doesnt rise neatly with age: in Q1 2026 Equifax measured a payoff rate of 52.3% among people aged 55 to 65 and 62.6% among those 65 and over.
Survey answers tell it differently. An Equifax Canada survey by Leger, 1,532 Canadians aged 18 to 65 polled July 17 to 19, 2026 and published August 6, found 56% expect to pay in full each month, 25% expect to make only the minimum payment, and 7% expect to fall behind. Under 55, 47% expect to pay in full; among those 55 and older, 69% do.
The gap between what people expect and what the file records is worth a sentence. One in four told Leger they expect to pay only the minimum; Equifax’s measured share of consumers actually making minimum-only payments in Q2 2026 was 4%, and stable. Part of that is definitional, since “only the minimum” as a survey answer probably sweeps in people paying a little above it, and part is people forecasting a harder year than the one they get. Either way, the intention number moves before the file does.
Where does your balance sit, and how long will it take?
The average carried balance is a little under $5,000. At 19.99%, paid at the minimum, $5,000 takes 20 years 11 months to clear. The free NotchUp payoff calculator shows your own timeline, and what a fixed monthly amount does to it.
Delinquency: Who Is Falling Behind
Equifax reports a 90-plus-day credit card delinquency rate of 4.19% for Q2 2026, down from 4.28% in Q1 but 6.8% higher than a year earlier. That is a balance-based measure, the share of card dollars seriously late, and it isnt comparable with TransUnion’s consumer-level rates, which count people rather than dollars and run much lower.
Across all non-mortgage products, Equifax’s 90-plus-day rate was 1.76% in Q2 2026. Ages 26 to 35 had the highest rate of any age group at 2.59%. By province, Alberta was highest and Quebec lowest.
| Province | 90+ day non-mortgage delinquency, Q2 2026 (Equifax) |
|---|---|
| Alberta | 2.45% |
| Ontario | 1.91% |
| British Columbia | 1.57% |
| Quebec | 1.13% |
One Ontario detail from the same report: non-mortgage delinquency among Ontario homeowners was 0.86%, low in absolute terms but up 27% year over year, which is why Equifax built the release’s headline around homeowners.
The first-quarter report gave the people-level picture. About 1.5 million Canadians, roughly 1 in 21, missed a credit payment in Q1 2026. Consumer insolvency volumes were the highest since 2009, up 18.8% from a year earlier, and new card originations fell to a four-year low. The Bank of Canada’s Financial Stability Report of May 28, 2026 described the share of borrowers 60 or more days late on at least one credit product as “broadly stable at about 2.5%” for people without a mortgage, and 1.3% for mortgage holders. Stable is the central bank’s word for the aggregate. The bureau numbers show it isnt evenly spread.
If your own payments are slipping, the guide on what to do when you cant pay a loan in Canada covers what a lender can and cant do, and the steps that protect your file.
Debt by Province and Age
Neither bureau publishes credit card balances by province or age. Equifax does publish average non-mortgage debt per consumer, which bundles cards with auto loans, lines of credit and instalment loans. For Q2 2026:
| Province | Average non-mortgage debt per consumer, Q2 2026 (Equifax) |
|---|---|
| Alberta | $25,082 |
| British Columbia | $23,558 |
| Ontario | $23,289 |
| Quebec | $19,923 |
By age, Equifax’s Q2 2026 averages are:
- 18 to 25: $8,746
- 26 to 35: $17,632
- 56 to 65: $30,718
- 65 and over: $15,567
The 26 to 35 band is worth reading next to the delinquency figures: a mid-sized average debt and the highest 90-day rate of any age group. The 56 to 65 band carries the most and, by the Q1 payoff rates, is the least likely to clear its card each month. If youre in that group and living paycheque to paycheque, the balance isnt a character problem; its a math problem that a fixed payment plan can actually move.
TransUnion reports its own national average of $28,118 in non-mortgage debt per consumer for Q2 2026, up 7.6% year over year. It sits above every Equifax provincial figure because TransUnion’s scope and consumer base differ, and it should be read on its own rather than against the table above.
Why the Balances Keep Growing: Rates Didn’t Fall With the Bank of Canada
The Bank of Canada held its policy rate at 2.25% on September 2, 2026, the seventh consecutive hold, with the next decision due October 28. Variable-rate mortgages and lines of credit have followed the policy rate down over the past two years. Credit cards havent.
Scotiabank’s September 2026 rate table lists purchase rates of 19.99% to 21.99% on its standard cards, typical of the large banks, with cash advances around 22.99%. Retail store cards and cards priced for weaker credit reach 28% to 30%. The Financial Consumer Agency of Canada’s own explainer notes that a purchase rate “may be 19%, but it may be 22% for cash advances”. Card rates follow the issuer’s risk pricing, not the overnight rate, so the policy cuts since 2024 have changed almost nothing for anyone carrying a balance.
The household backdrop makes that matter more. Statistics Canada’s national balance sheet for Q2 2026, released September 11, put total household credit market debt at $3,280.9 billion, up from $3,253.4 billion in Q1. The debt-to-disposable-income ratio dipped to 176.4%, about $1.76 of debt for every dollar of disposable income, the first decline after six consecutive quarterly rises. The dip came from income growing faster than debt, not from debt shrinking. Consumer credit stood at $673.2 billion as of Q1 2026, against $647.2 billion a year earlier; the Q2 consumer credit subtotal isnt in the summary release but the direction of the broader aggregates hasnt changed. For practical steps on spending and saving, the guide on how to save money fast in Canada covers the cuts that actually move the number.
The Minimum Payment Is Why It Lingers
FCAC describes the minimum on most Canadian cards as the higher of a flat amount, typically $10, or a percentage of the balance, typically 3%. FCAC’s worked example: a $2,000 balance at 18% paid at $60 a month takes 3 years and 11 months and costs $793 in interest.
The percentage structure is the problem. Because the minimum is a share of the balance, it shrinks as the balance falls, and the payoff stretches with it. The NotchUp calculator puts $5,000 at 19.99% paid at the 3% minimum at 20 years and 11 months, with $5,984 in interest, more than the original debt. The mechanics are in the minimum payment trap, and the timelines for fixed monthly amounts in how long it takes to pay off a credit card.
Quebec is the exception. Since August 1, 2025, every credit card in the province has carried a legal minimum payment of 5%, under rules from the Office de la protection du consommateur. Cards opened on or after August 1, 2019 started at 5%; older cards were phased in gradually from 2% starting in 2019. The same $5,000 at 19.99% paid at Quebec’s 5% minimum clears in 10 years with $2,443 in interest: still slow, but half the time and about $3,500 less. Quebec also has the lowest 90-day delinquency rate of the four large provinces. Nobody has shown the two are connected, but the numbers sit next to each other.
What To Do With These Numbers
If youre in the two thirds who pay in full, nothing here applies to you. Your card is a payment tool and the posted rate is irrelevant.
If you carry a balance, three things move the number. Fix the monthly payment at a dollar amount instead of letting the minimum shrink; the payoff calculator shows what that alone does to the date. If you have more than one card, pick an order and stick to it, avalanche or snowball. And if the constraint is income rather than discipline, credit card debt on a low income covers the options that dont assume spare cash exists.
If the debt is spread across cards, loans and lines of credit, the broader guide to getting out of debt on a low income covers the full order of operations. And if youre not sure where your credit stands after carrying balances, heres how to get your free credit report in Canada and what the credit score ranges actually mean.
Frequently Asked Questions
How much credit card debt do Canadians have in total?
Equifax Canada reports $134.2 billion in credit card balances as of Q2 2026 (April to June), up from $130.6 billion in Q1 2026 and $131 billion at the end of 2025. TransUnion measures card balances up 5.1% year over year in the same quarter.
What is the average credit card debt in Canada?
The latest published average balance per consumer is $4,763 (TransUnion, Q4 2025), up 1.74% from $4,681 a year earlier. Because about two thirds of cardholders pay in full each month, those who do carry a balance owe more than that average.
What percentage of Canadians carry a credit card balance?
Equifax’s credit-file data shows 65% of consumers paid in full each month in Q2 2026, so about 35% carried a balance. In a July 2026 Leger survey for Equifax, 56% expected to pay in full, 25% expected to make only the minimum payment and 7% expected to fall behind.
What is the credit card delinquency rate in Canada?
Equifax reports a 90-plus-day credit card delinquency rate of 4.19% in Q2 2026, measured on balances, down from 4.28% in Q1 but 6.8% higher than a year earlier. Across all non-mortgage credit, the 90-plus-day rate was 1.76%, with ages 26 to 35 highest at 2.59%.
Which province has the most credit card debt?
The bureaus dont publish card-only balances by province. Equifax’s average non-mortgage debt per consumer for Q2 2026, which includes cards, is highest in Alberta at $25,082, followed by British Columbia at $23,558, Ontario at $23,289 and Quebec at $19,923. Alberta also has the highest 90-day non-mortgage delinquency rate of the four at 2.45%.
How long does it take to pay off the average credit card balance?
At 19.99%, paying the shrinking minimum on $5,000 takes 20 years and 11 months with $5,984 in interest. A fixed $200 a month clears it in about 33 months, and $300 in about 20 months. The monthly amount you commit to is what sets the date. The payoff calculator shows your own timeline, and the full breakdown is in how long it takes to pay off a credit card.
Why are credit card rates still high if the Bank of Canada cut rates?
Credit card rates are set by the issuer’s risk model, not the overnight rate. The Bank of Canada held at 2.25% as of September 2026, after cuts since 2024, but standard card purchase rates remain 19.99% to 21.99% at the major banks. Variable-rate products like mortgages and lines of credit followed the cuts down; cards didnt.
How much interest does the average Canadian pay on credit card debt?
Neither bureau publishes a total interest figure. But the math is straightforward: $5,000 at 19.99% paid at the shrinking minimum generates $5,984 in interest over 21 years, more than the original balance. Fixing the payment at $150 a month (the starting minimum) saves roughly $3,600 in interest and clears the card 17 years sooner. The minimum payment trap explains why the gap is that large.
Sources
- Equifax Canada, Market Pulse Q2 2026 (August 24, 2026)
- Equifax Canada and Leger, consumer survey (August 6, 2026)
- TransUnion Canada, Q2 2026 Credit Industry Insights Report (August 25, 2026)
- Statistics Canada, The Daily, National balance sheet Q1 2026 (June 12, 2026)
- Bank of Canada, Financial Stability Report 2026 (May 28, 2026)
- Bank of Canada, interest rate announcement (September 2, 2026)
- FCAC, How credit cards work and FCAC, Paying off your credit card
- Office de la protection du consommateur (Quebec), Minimum payment
Figures verified September 2026. Statistics Canada’s Q2 2026 balance sheet, released September 11, has been incorporated above.
This article is for informational purposes only and doesnt constitute professional financial advice. If you are experiencing financial difficulty, consider contacting a licensed insolvency trustee or a non-profit credit counselling agency for free, confidential support.
