Facts about Canada credit cards based on statistics released by the Bank of Canada.
The total credit card outstanding balances as at December 2007 is CAD$48.505 billion, compares to CAD$53.390 billion as at December 2008. This figures indicate an increase of 10.07% in the 12 months period.
Surprisingly, the outstanding amount is reduced to CAD$51.611 billion as at February 2009, a decreased of 3.33%.
As of Q3 2008, the statistic shows residents in Ontario made up 45.46% of the outstanding credit card balances in Canada.
Click here for interesting statistics on Canadian credit cards including detailed outstanding credit card balances breakdown by province.