Canadians are doing a solid job keeping up with their mortgage payments, but they’re piling on credit card debt in the process. Some Canadians have seen their mortgage payments rise by 30% to 40% because of higher interest rates, but more than 99% of people are still making their payments. Sure, it may be a point of national pride to pay our mortgages, but this commitment comes at a high cost: credit card debt is soaring, hitting $122 billion last quarter, the most since 2007. People are prioritizing paying off their homes — since homeownership is the Canadian dream — so as mortgage payments rise, they have less cash to put towards their credit card balances. That’s a problem because credit card debt usually comes with a much higher interest rate, often between 19.99% and 25.99%, and can cost you more. If you’re juggling both, one strategy to try is the avalanche method: make minimum payments on all your debts, including your mortgage, but use any extra cash to pay off the debt with the highest interest rate first. This way, you’ll save more on interest over time.