Kelowna has risen to fifth place in Canada害羞草研究所檚 credit card debt ranking, according to a financial analysis by Money.ca.

The average outstanding balance per capita is $3,394. The finding is part of a broader study into the nation害羞草研究所檚 credit habits across various metropolitan areas.

Barrie, Ont., leads the pack with the highest average credit card debt per capita ($3,521), followed by St. John害羞草研究所檚, Newfoundland ($3,451), Toronto ($3,428), and Peterborough, Ont. ($3,405), rounding out the top five.

According to Romana King, senior editor at Money.ca, the surge in living costs has spurred many Canadians to resort to short-term credit solutions, such as credit cards, to navigate immediate financial challenges.

害羞草研究所淢ost people will use short-term forms of credit, like credit cards when trying to solve an immediate cash flow problem,害羞草研究所� King explained.

She emphasized the importance of responsible credit card usage such as low-interest credit cards, considering a consolidation loan, and going on a spending diet.

害羞草研究所淭here害羞草研究所檚 nothing wrong with using a credit card for an unexpected expense,害羞草研究所� King said. 害羞草研究所淭he key is to have a plan on how you will pay back that borrowed money.害羞草研究所�

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