The Financial Post reports in its Wednesday, Nov. 30, edition that new data from Transunion show Canadians leaned on credit cards and other forms of debt more in the third quarter as high inflation persisted. A Canadian Press dispatch to the Post reports that Transunion said 27.9 million Canadians held a combined outstanding balance of $2.29-trillion on active credit products during the third quarter of 2022, up 7.9 per cent from last year. The agency said the number of consumers with an active credit account reached a record high in the third quarter of 2022, with participation growing the fastest among those born between 1995 and 2010 at 20.9 per cent year-over-year. Transunion said more generation Z consumers entering the credit market likely helped drive the generation's participation up, while credit participation among consumers on the older end of the spectrum actually declined.
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