Victoria: The highest credit card debt in Canada

Plus, more aviation news from Vancouver Island

Author

Emily Edwards
February 25, 2024

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Welcome to this week’s Sunday Briefing. In this issue, read about credit card debt in Victoria, the Canadian immigration process, the digital divide on the Island, and a fully electric plane in Campbell River.

Now onto today’s briefing. It’s 617 words: a three-minute read.

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Victoria: The highest credit card debt in Canada

A poor credit score. Ever increasing debt. Stress leading to long-term health problems. All just a few of the joys that high credit card debt brings.

In Canada, credit card debt is the most common form of debt, with the average Canadian owing just over $3,000 on their credit card. But here in Victoria, we’re taking home the cake (on loan).

Victoria has the highest per capita credit card debt in Canada at a staggering $12,874. On the mainland, Vancouver comes in a close second with $12, 332.

Photo: Savvy New Canadians

Victoria has high overall consumer debt too – an average of $305,365 per person.

The good news, however, is that we seem to be slowing down. While Victoria tops the list of average debt per person, we have the lowest percentage of consumer debt growth over the last five years. When it comes to increasing debt, Victoria ranks 20th with 13.87% growth from 2019-2023.

Engage in the COAST Ecosystem Survey

Join COAST to shape BC's Blue Economy! Participate in our Ecosystem survey which aims to explore challenges and opportunities within the Blue Economy.  Company representatives from startups, innovators, and industry organizations are invited to participate. Your input will help shape the future of the Blue Economy. Take the survey now!

🏙️ Community catchup, powered by VIATEC

Meet a VIATEC member: Giftbit

It’s a lot easier than running over to Tim Hortons for two dozen “thank you” gift cards for your employees. Giftbit’s software allows businesses to send digital gift cards and virtual Visa cards with speed and ease. Founded in 2011, the B.C.-based company counts Netflix, Red Bull, and Shopify amongst its customers.

Shift Left: How to Turn Security into Review

In the competitive landscape of software business, optimizing processes and leveraging efficiencies can make a significant difference in building a strong pipeline and closing revenue faster. 

  • Apply the DevOps principles of “shifting left” to position security as a differentiator — instead of a hurdle

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  • Invest in your security story by making it easy for buyers to access security-related information

Vanta helps SaaS businesses of all sizes manage risk and prove security in real time.

📰 More Victoria innovation news

🤝 She’s leaving home: In the latest Chamber Chat, Greater Victoria Chamber of Commerce CEO Bruce Williams sat down with immigration consultants Luciane Luthi and Chris Brown to discuss what’s involved in immigrating to Canada.

💻 Tight connection to my heart: The Vancouver Island Economic Alliance published a Q&A with the Ministry of Citizens’ Services regarding internet connectivity and the digital divide on the Island.

🛩 Learning to fly: The Velis Electro, the province’s first electric flight training plane, landed in Campbell River. Shipped from Slovenia, the plane was put together in less than an hour.

INNOVATEwest reveals 50 more exceptional industry leaders like Jay Giraud of Damon Motors, Elizabeth Scallon of HP Inc, Michael Katchen of Wealthsimple, and more. Explore fresh insights shaping our tech and business future.

🕴️ Tech jobs of the week

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📅 Upcoming events

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From small business owners to CEOs, managers, community leaders and policy makers, Rising Economy attracts people interested in shaping their organizations to meet the challenges and opportunities of Greater Victoria’s future.

This International Women’s Day, Women on the Rise is hosting a collaborative event, organized by the chapter leads of Women on the Rise, Women in Leadership, WNORTH, CHIWARACo, Women’s Equity Lab, Girlboss UVic, and iWIST.

Join a day of interactive panel sessions, intentional networking, a standup comedy act, food + drink and more.

Have an upcoming event? Reply to let us know.

🙋 I need a…

We at Victoria Tech Journal know you, our community, pretty well. Are you searching for someone in your field to have coffee with, a hiring hookup, a lead on local investors, or suggestion for a great Victoria tech tool? Whatever you’re hunting for, let us know. We’ll post it in this section and make it happen.

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