An impressive 86 per cent of Quebeckers own at least one credit card, according to a December 2010 survey conducted by polling firm CROP.

Credit cards represent the most popular credit product in ‘La belle province,’ with twice the number of cardholders as Quebeckers owning personal lines of credit.

Credit card anxiety
The CROP survey found that 41 per cent of respondents admit to being concerned about repaying their debt loads. With 10 per cent experiencing money-debt blues very often, almost one quarter feel ashamed about what they owe.

Root causes
Why are so many Quebec cardholders concerned about amounts they owe?

The survey reveals that 50 per cent of Quebeckers always pay off their monthly balances. Yet 20 per cent rarely pay the full amount, something another 12 per cent never do.

And credit card debt amounts can be significant. Over 40 per cent of Quebec cardholders have credit limits exceeding $5,000 on the cards they most often use.

Also sobering is the amount of time that cardholders require to repay their credit card debts. Nearly 40 per cent anticipate more than seven months to fully pay off their latest credit card statement.

Another root cause of credit card anxiety is that 48 per cent of respondents admit to using “buy now, pay later” deferred payment plans to purchase consumer goods. These include large appliances, indoor furniture and electronics.

Using credit cards emotionally
Perhaps the most revealing statistic from the CROP survey is that 27 per cent of Quebec cardholders used their cards to access cash advances in the past year. Among cardholders depending on cash advances, 51 per cent said they very frequently felt ashamed about their debt loads.

Ironically, financially vulnerable Quebeckers who are most concerned and embarrassed about their debts are also the least likely to turn to their loved ones for help. Survey findings show that 37 per cent of respondents would try to hide declaring bankruptcy from people close to them.

The survey highlights the need for consumer financial education in Canada’s second-largest province. Only 20 per cent of Quebeckers have used debt consolidation, a useful rehabilitation tool for financially stressed consumers.