Kelowna has risen to fifth place in Canadasa国际传媒檚 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 nationsa国际传媒檚 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. Johnsa国际传媒檚, 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.

sa国际传媒淢ost people will use short-term forms of credit, like credit cards when trying to solve an immediate cash flow problem,sa国际传媒� 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.

sa国际传媒淭heresa国际传媒檚 nothing wrong with using a credit card for an unexpected expense,sa国际传媒� King said. sa国际传媒淭he key is to have a plan on how you will pay back that borrowed money.sa国际传媒�

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