The Globe and Mail reports in its Tuesday edition that Equifax Canada data show that total card balances hit an all-time high of $113-billion in the third quarter of this year, a year-over-year increase of 16 per cent. The Globe's Rob Carrick writes that more than six million new card accounts were opened in the past 12 months, up 13.7 per cent from 2022 levels. Immigration helps explain the rise in the number of cards and total card balances, but Rebecca Oakes at Equifax Canada said that the rising cost of living, high interest rates and the slowing economy also explain why card use is rising in ways that suggest household financial strains. "People are using their credit card more because that's the only way they have to making some of their day-to-day living expenses," Ms. Oakes said. Equifax says the average balance on cards reached $4,119 in the third quarter, which exceeds prepandemic levels and compares with $3,727 in the same period of 2022. The amount people are paying on their cards each month has grown as well, but it has not kept pace with spending increases. The most alarming numbers on card debt involve people with credit scores below 620, a key threshold in assessing your record as a borrower.