Canadians use credit cards for essentials as grocery spending growth jumps to 70%
A record $131 billion in credit card balances was reached in the fourth quarter of 2025. This growth is driven by a shift in spending patterns. 70% of TD Bank clients' spending growth now comes from groceries and convenience store purchases, up from 40% a year earlier. 75% of Canadians used a credit card for an essential purchase in the past year, a figure that rises from 69% in 2024. This trend is the result of higher living costs.
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