Canadians carry a lot of consumer debt, and a huge amount of it is on credit cards. In 2012, nearly 40 per cent of Canadians carried an outstanding balance on their credit card; that number was almost identical in 1999 and 2005. To put it simply: very little has changed.
What has changed is how much overall debt we’re carrying. Our debt load has increased 25 per cent from 1999 and 11.1 per cent from 2005. The amount of credit card debt we carry as a country is so large, we felt that words alone couldn't do it justice. With some help from our friends at Interac, we've illustrated where your money goes when you're tied up in credit card debt, and where it could be going instead. If you've ever wondered why you're broke, we have the answers.
Illustrated by Teresa Yung.