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Category: Canadian Household Debt

  • What To Do If You Can’t Pay Your Rent or Mortgage

    With the development of the novel coronavirus (COVID-19) pandemic, many Canadians are struggling to pay their bills — including rent or mortgage payments.

    An Angus-Reid survey showed that 1 in 3 Canadians worry they’ll miss a rent or mortgage payment due to COVID-19.

    A survey from the Canadian Federation of Small Businesses found that 23% of 9,000 respondents couldn’t pay their rent or mortgage on April 1.

    While some banks and lenders are offering mortgage deferrals, this is on a case-by-case basis and isn’t always a perfect solution. The Toronto Star reported that interest may continue to be charged. One Canadian told the Star that he could defer his mortgage payments for six months but would end up owing thousands of dollars more in interest over the course of his loan.

    Tenants don’t necessarily have even this assistance available. While there is some emergency financial relief coming from the federal and provincial governments in Canada, it may not be enough to pay rent in full, especially for those who live in more expensive cities.

    What can you do if you’re in this position? There isn’t an easy answer, but there are some options that could potentially help.

    For Mortgage Holders

    For those who own their own home, there are several options to consider.

    Talk to your lender

    First, if you haven’t done so already, you can speak to your mortgage lender about options for relief during this time. While not all assistance is beneficial in the long-term — as the Toronto Star reported — it’s possible your lender will be able to offer a better option.

    If you are in a pinch and the only option is to take a deferral in the short-run with more interest in the long-term, it may make sense for you to take this offer and make a plan for the additional interest payments. Since you know that it will be coming, you can set aside funds for the payments once you are back on solid financial footing.

    However, there are other options you can consider as well.

    Refinancing your mortgage

    With lowered Canadian interest rates, it could be possible for mortgage holders to refinance their mortgages at a lower rate or at a variable-rate (vs. a fixed-rate mortgage where your payments always stay the same). If you have the equity available, you could refinance for a lower rate and use the difference to cover your payments in the interim.

    You could also be eligible for a home equity line of credit, which could free up some funds in the short-term.

    Learn more about mortgage refinancing: https://debtcare.ca/pros-cons-refinancing-your-mortgage-renewal/

    Dealing with debt and other financial obligations 

    Another option is to look beyond your mortgage and rent to your other payments. What else are you obligated to pay?

    For instance, many Canadians carry a large amount of high-interest credit card debt. Trying to make credit card payments and your mortgage payments with a drop in income could be even more difficult.

    Take a look at your other expenses and ask what can be done to lower your overall debt. Can you cancel subscriptions or find savings in other parts of your budget? Other lenders are offering relief during this time, too. Even if you can’t get a break on your mortgage, you may be able to settle other debts to make up the difference.

    You can also consider other measures, such as debt consolidation or even filing for insolvency – bankruptcy or consumer proposal. While it is not always possible to keep your home when you do this, that isn’t always the case. Talk to a debt counsellor who can help you figure out what risk there is to your current residence.

    For Renters

    Renters don’t have quite the same options as mortgage holders, as they are typically negotiating with a landlord versus a lender. While many across the country are calling for a rent freeze, nothing has been announced yet. However, there are still opportunities that keep you protected.

    Talk to your landlord

    If you haven’t already done so, talk to your landlord about options for deferring or pausing rent payments. While you can’t negotiate the mortgage payments, they may be able to (see options above).

    Even if they are reluctant, some landlords in Canada have accepted half the rent payment instead of the rent in full.

    If your landlord is not open to negotiation, you will need to look to other assistance.

    Look into provincial rent assistance

    While not every province has announced rent relief for tenants, some have released measures.

    According to CTV News, the B.C. government is providing up to $500 as a rent rebate to those who have experienced a significant drop in their income due to the outbreak.

    In Ontario, New Brunswick, and Nova Scotia, landlords are not allowed to evict tenants. However, this doesn’t necessarily mean they can’t hand out eviction notices, as reported by Toronto.com. In Ontario, for example, landlords can still give out eviction notices, but Landlord Tenant Board (LTB) — the body that enforces eviction orders — hearings are on hold for the time being.

    Prince Edward Island also announced a temporary rental assistance benefit of $1,000 per household for a three month period. Eligible candidates will receive $500 in the first month and $250 the following two months.

    Deal with debt

    Similar to mortgage holders, look beyond your rent payments to see where you can cut costs in other areas.

    If you are making payments to an unsecured line of credit, for instance, perhaps that debt could be settled and the funds freed up for rent payments. If you can negotiate other payments — such as your car insurance — you can put all possible resources towards making your rent payments in the meantime.

    If your income has been reduced, it can actually be better for debt settlements as they are often based on income — so you may be able to get a better deal now than when your income returns.

    Speak to a debt counsellor to explore your options in full. A qualified counsellor can help pick the best option for you.

    In Conclusion

    This is a difficult, unprecedented situation and there aren’t any easy answers.

    However, it can be made easier with assistance. At DebtCare Canada, we have helped thousands of Canadians reduce and restructure their debt, access financial help, and more.

    We are open fully remotely during the COVID-19 pandemic. If you’re struggling with mortgage or rent payments or other bills, please get in touch so we can help you find a way through.

    Call: 1-888-890-0888
    Text: “Help” to 1-888-890-0888
    Fill out an online contact form or learn more: www.debtcare.ca.

  • Get Debt Help Without Leaving the House – Here’s How

    In the past, before the novel coronavirus (COVID-19) people might have gone to see a financial consultant in person for debt help or otherwise, but with social distancing in effect, that is not advised right now unless absolutely essential.

    However, debt help is more necessary than ever right now. The impact of COVID-19 has left many Canadians out of work and struggling to pay bills.

    A report from the Canadian Centre for Policy Alternatives warns the unemployment rate could rise to 13.5%, the highest level since the Second World War.

    In one week, more than 500,000 Canadians applied for employment insurance (EI). The government is also expecting more than 4 million applicants for the recently announced Canada Emergency Response Benefit (CERB).

    While some government help is available — such as emergency caregiver assistance and a wage subsidy for eligible employers — these programs are still rolling out and there may be a waiting period to receive funds. And for many, the assistance provided may not be enough to get by.

    Dealing with Debt to Free Up Finances

    Debt payments take up a large chunk of Canadian budgets. According to Equifax Canada, the average Canadian carries $72,950 in debt. $23,800 of that is non-mortgage debt (which includes credit cards, loans and lines of credit).

    Even carrying a little bit of debt can stretch your budget, especially when your income is reduced. Do you want to be putting your limited income towards credit card payments?

    When every penny counts, it’s better to make that money work for you — instead of using it to repay past expenses.

    The time to deal with debt is now, particularly if you have been laid off or your income has been affected by COVID-19 or otherwise.

    While everyone is frightened and worried (and rightfully so), the current situation and loss of income will allow people to get much lower deals on their debts as their income has been reduced. Most creditors will be accepting any reasonable offer.

    If you wait until your income has returned, the opportunity to have your debt reduced to the same extent will be gone.

    How to Get Debt Help Online

    The key to getting debt help online — without leaving your house — is knowing what you are looking for.

    You want to find:

    • A debt consultant that has an established reputation (meaning you can trust their services — this is especially important when you cannot visit their offices due to social distancing).
    • A debt consultant that works in your part of the country or nationally.
    • A debt consultant set up for remote access — with social distancing, you shouldn’t have to go into an office.
    • A debt consultant that will review all your options.

    We can only speak to our services at DebtCare Canada, but we provide exactly that. We’ve helped thousands of Canadians deal with their debt and get their finances back on track.

    We act solely in your interest to ensure that you get the best possible results by utilizing federal government programs and other financial solutions to help you deal with your debt with dignity.

    Our reputation is trusted and secure. We operate nationally and remain fully functional during the COVID-19 pandemic through remote operations.

    How to Contact DebtCare Canada Remotely:

    We know this is a stressful time and we want to assure you that DebtCare is here for you. If you are struggling, please reach out. 

    You can also follow us for regular information related to dealing with your finances during COVID-19 and beyond. DebtCare is on Twitter, Facebook, and LinkedIn.

    Learn more about our services at https://debtcare.ca/.

  • Bankruptcy and Consumer Proposals Rise as Consumer Debt Reaches Record Limits

    Are you struggling with consumer debt? If so, you’re not alone.

    According to BNN Bloomberg, the average Canadian household owes $1.76 for $1 of annual disposable income. The same household devotes $0.15 of every disposable dollar to making principal and interest payments on debt, which is a record high.

    BNN Bloomberg also noted that when you add together consumer credit, mortgage, and non-mortgage debt, Canadians are carrying $2.28 trillion in credit market debt.

    What’s more, beyond just carrying debt, they’re paying the price. The number of insolvencies – bankruptcies and consumer proposals – filed by consumers in 2019 increased from the year before.

    While the numbers for the final quarter of 2019 have not been released yet, as of Q3 2019, Canadian insolvency filings were up to 34,708 — up more than 4,000 over Q3 2018. Of that, the number of bankruptcies rose slightly (from 13,549 to 13,757) and the number of consumer proposal filings rose substantially, going from 16,764 to 20,951.

    Why are more Canadians going into debt?

    According to a survey from Manulife, two in five Canadians believe they will never be debt-free.

    There are many reasons Canadians might currently be struggling with debt. Housing prices are continuing to rise, especially in larger cities like Toronto and Vancouver.

    While interest rates have stayed the same for the past year, the added spikes in 2017 and 2018 still didn’t help for those carrying debt. Some have also speculated that it’s too easy for Canadians to gain access to credit – and spend more than they can afford to pay back.

    For others, job insecurity can be part of it – not enough income to make ends meet. They might be facing job loss, working in a precarious employment situation (like the gig economy) with inconsistent income, or simply not earning enough to afford high housing prices.

    Poor credit habits can hurt your finances, too. While paying only the minimum balance on your credit cards can seem like a good idea, it can actually mean more debt in the long-term.

    Sometimes the moments leading up to major debt troubles are insidious. What can start as a seemingly harmless action can snowball into a much bigger problem.

    What exactly does struggling with debt look like? It could include:

    • Being unable to pay all your bills in full and on time each month.
    • Making only the minimum payments each month.
    • Being unable to make even the minimum payments.
    • Having more debt than income.
    • Always taking out another loan to pay off your old debts, getting into an unsustainable cycle.
    • Relying on credit to pay all your bills because you don’t have enough funds in your bank account.
    • Consistently being unable to afford the items you need to achieve a daily quality of life – pay for groceries, afford your rent, and so on.
    • Living paycheque to paycheque without knowing how you would afford an emergency.
    • And more…

    This might vary depending on your exact circumstances, but any of these could be a precursor to bigger problems down the road.

    How to deal with debt before major damage is done

    The sooner you realize you have a debt issue, the more likely you are to resolve it before major damage is done to your quality of living.

    When you file for insolvency, your credit score takes a big hit. While this is sometimes the best option, and it is possible to recover over time, if you tackle your finances early you minimize the need for this type of action.

    Some steps you can take to resolve problem debt include:

    • Creating a realistic budget and looking for ways to reduce your current expenses, then putting the savings towards paying off your debt.
    • Honestly assessing where your money is currently going and eliminating wasteful spending.
    • Practicing good financial habits, like always paying your bills on time and in full.
    • Not relying on credit. While some use of credit is good for your credit score, you don’t want to be using it because you don’t have the money elsewhere.
    • If you have an income problem, looking for ways to earn more – either through asking for a raise, finding a new job, or getting a part-time job.
    • Seeking out debt consolidation methods, such as mortgage refinancing.

    While filing for insolvency is one option, it’s not the only option – especially if you tackle the problem early.

    In 2020, make your resolution to figure out your finances for good. Debt freedom is possible with a little planning. There’s no point feeling bad about the circumstances that got you into debt. Instead, realize you’re not alone and focus on finding the way out.

    That’s where we come in. At DebtCare Canada, we will assess your situation and make recommendations to deal with debt. We’ll go over your options and create a realistic plan for success.

    Contact us today for a free consultation. Call 1-888-890-0888  or visit www.debtcare.ca.

  • Affordable Housing in Toronto is Still a Major Problem

    Affordable housing in Toronto has been difficult to find for a while now — but despite hopes that it would get better, it is still a major problem for many.

    A recent report from Zoocasa determined that in the Greater Toronto Area, it would take 32 years for a household earning a median income to save a down payment for a typically-priced home.

    And for those renting instead of buying, affordable housing isn’t much better.

    The Canadian Rental Housing Index recently determined that in 20 Canadian ridings — including some in the Greater Toronto Area such as Willowdale, Thornhill, Richmond Hill, Markham-Unionville, University-Rosedale, and more — at least 25% of renters are spending 50% or more of their income on rent alone.

    At least 48% of renters are spending 30% or more of their income on rent.

    “Housing is typically considered affordable if a household spends less than 30% of its before-tax income on rent plus utilities,” the Index stated.

    See more of the Index results here: http://rentalhousingindex.ca/en/#intro

    With increases to home prices and rental rates, it’s no wonder that it’s getting harder and harder to make ends meet. It’s too expensive to live in the Greater Toronto Area and other major cities, and lenders know it.

    If you are in this situation, what can you do?

    While this is a tough situation to be in, the first thing to do is try to free up room in your budget. If you are using credit to balance the shortfall, you may find that doing away with the debt frees up the cashflow you need to pay rent or save more for a down payment.

    Debt can harm your budget in two ways:

    First, it can get in the way of your cashflow. If you are always making debt payments (like paying off your credit card balance plus interest) you’re spending money you could use elsewhere.

    Second, many lenders use your total debt service ratio (TDS) to determine how much you can afford to borrow — particularly when it comes to a mortgage. In addition, carrying too much debt can hurt your credit score, which makes it harder to be approved for low-interest loans. If you are hoping to get a mortgage in the near future, or renew an existing one, lowering your total debt-to-income ratio will only help.

    While getting out of debt won’t make Toronto’s home and rent prices drop, it can make it easier for you to balance your budget and save money at the same time.

    DebtCare Canada helps Canadians deal with outstanding debt. We’ve helped thousands of people reduce or restructure their debt, repair and rebuild credit, access financial help, and more.

    Contact us today for a free assessment to see how we can help you manage your budget while dealing with the lack of affordable housing in Toronto and the GTA.

    Call 1-888-890-0888 or visit www.debtcare.ca.

  • Bank of Canada Interest Rate Stays at 1.75% for March 2019

    The Bank of Canada interest rate is staying at 1.75% for March 2019.

    On March 6, 2019, the Bank of Canada (BOC) announced they are maintaining the overnight interest rate for the time being.

    Their reasons were:

    • The slowdown to the global economy has been worse than the BOC predicted – including trade tensions and uncertainty.
    • In Canada, consumer spending is down despite employment growth. Essentially, people are spending less but earning more.
    • The housing market is also down.
    • Business exports and investments have fallen short of expectations.

    The next BOC announcement is scheduled for April 24. Between now and then, the BOC will be closely watching “developments in household spending, oil markets, and global trade policy.”

    What This Means for You

    At first glance this is good news – no interest rate increase means more time to deal with outstanding high-interest debt.

    But there is some information that could be concerning.

    1. Housing Affordability

    According to the BOC, Canadians are earning more but spending less. At the same time, the housing market is softening – so many homeowners may be locked out of the market or have their home equity drop.

    Housing affordability in Toronto, Vancouver, and other major cities has been making headlines recently. Having a bigger paycheque may not mean much if your expenses are still rising.

    What to do if you’re worried about your property value or accessing mortgage financing:

    Talk to a financial counsellor about your home equity position and what your options are. For instance, at DebtCare we offer first mortgages, second mortgages, home equity lines of credit, and more.

    2. Unstable Employment

    There have also been headlines about precarious employment – meaning more people have jobs, but those jobs are not necessarily stable income. They may be temporary contracts or have fluctuating hours. In these cases, it can be hard to plan for, and stick to, a budget.

    If you’re worried about stable income:

    Talk to a financial consultant about creating a flexible budget that works for you and about financing for slower periods.

    3. Household Debt

    The third factor that might be at play is many Canadians are using any extra income to pay off debt. Canadian household debt reached a new high in 2018 — over $2.16 Trillion. When you have high levels of debt, it can be hard to pay it all down. This often causes a vicious cycle of paying for the same bills over and over, especially if you are only making the minimum payment each month.

    If you’re worried about household debt:

    Talk to a financial consultant about your debt management options. Debt consolidation, home equity, or insolvency filing options – like filing for a consumer proposal or for bankruptcy – can help deal with problem debt in a sustainable way.

    Get your finances on track before the Bank of Canada announcement on April 24. DebtCare Canada can help.

    Contact us today for a free consultation. Call 1-888-890-0888 or visit www.debtcare.ca.

  • Bank of Canada Staying at 1.75% for December 2018 – But Don’t Delay Dealing with Interest Rate Debt

    Good news for 2018: we won’t be seeing any more Bank of Canada interest rate increases this year.

    On December 5, 2018, the Bank of Canada (BOC) announced that the overnight interest rate would stay at 1.75% for the month of December.

    The next interest rate announcement is scheduled for January 9, 2019.

    What does this mean for Canadian consumers? It’s a positive if:

    • You’re carrying a lot of debt — this means your payments won’t be increasing yet.
    • You’ve been charging holiday purchases to your credit cards. While you’ll still have to pay for those purchases, and associated credit card interest rates if the balances aren’t paid in full, you won’t have an additional BOC rate hike.
    • You have a variable-rate mortgage. This means that your rate won’t be increasing this month.
    • You’re rebuilding credit. If you’re working on credit repair, it’s important to pay your bills in full and on time. If you have bills that are affected by changing interest rates (i.e. not a fixed cost), it will make it easier on your budget.

    What this doesn’t mean:

    • You should spend more this holiday season. Remember that whatever you charge will need to be paid off in full and on time if you want to avoid interest. If you’re racking up holiday purchases and are tempted to spend more because of the interest rate hold, proceed with caution.
    • Interest rates are done increasing. It’s possible the BOC will raise rates during the January 9 announcement. If so, this is a relatively small window. Make a plan now while there is a break in increases.
    • You can ignore dealing with debt. If it’s hard to make ends meet now, it will be even more difficult if rates rise again. Honestly assess your finances and ask if you could handle an increased rate. If not, it’s time to consider debt management options, like accessing home equity, applying for a debt consolidation loan, or filing for a consumer proposal or for bankruptcy.

    DebtCare Canada can help future-proof your budget against interest rate increases.

    Contact us today for a free consultation. Call 1-888-890-0888 or visit www.debtcare.ca.

  • A Stress-Free Holiday May Start with Consolidating Your Debt

    The holidays can be a time of family, love, and joy, but they are also often a source of major stress — financial stress to be exact.

    Have you considered consolidating your debt to manage that stress?

    More than half of Canadians say that they go over their budget during the holiday season. A CIBC poll found that the average Canadian spends $643 on holiday gifts and $300 on décor and entertaining. And those figures only keep going up.

    Moneris found that after the 2017 holiday season, Canadians spent an average of 4.26% more during the last three months of 2017 than they did during the same period in 2016.

    A 2017 Angus Reid poll of 1,512 Canadians found that three-quarters of respondents wish they could save more money during the holidays and about 52% end up spending more than they liked.

    In order to avoid any long-term damage to your credit score, it’s important that you pay your bills on time each month and (preferably) in full. Making the minimum payment every month is not enough to ensure good credit.

    Plus, most credit cards come with high interest rates, so that $1,000 of debt can quickly add up to even more. If it took you five months (the average timeframe) to pay $1,000 at an interest rate of 18% you would have to make a payment of $209.09 per month and by the end of the five months would have paid $1,045.45, including interest.

    That might be okay if it is your only debt and you are not accumulating any more, but for most people that is not the case.

    While a certain amount of spending is likely expected during the holiday season, it can be particularly stressful if you are already carrying debt.

    For instance, say that you have:

    • $10,000 of debt on one credit card at 19% interest.
    • $5,000 of debt on another at 21% interest.
    • And now $1,000 on a new credit card at 18% interest.

    And you are hoping to pay it off by the next holiday season — in 12 months.

    You would then have to make monthly payments of $1,477.03. By the end of the year, you would have spent an additional $1,724 in interest. And that’s assuming you don’t accumulate any more debt or miss any payments. This also assumes you have the ability and tools to calculate the combined monthly payments of all these debts, which most people struggle with.

    It can be stressful trying to pay off holiday debt, but it helps to have a plan. That’s where consolidating your debt can come in.

    With debt consolidation, you can put all of your outstanding debts together in one monthly payment. If you choose a consolidation loan with a fixed interest rate you will only have one bill to pay each month and you will always know the amount you have to pay, so you can budget for your payments.

    This can allow you to enjoy your holidays without worrying about how you will pay for them.

    At DebtCare Canada, we can review your options and help arrange the debt consolidation that’s right for you. You’ll be able to enter the holiday season feeling relaxed and stress-free.

    Contact us today for a free consultation. Call 1-888-890-0888 or visit www.debtcare.ca.

  • Latest Bank of Canada Interest Rate Increase: 1.75%

    The Bank of Canada (BOC) has made another interest rate increase.

    As of October 24, 2018, the BOC interest rate is at 1.75% — the highest it has been since 2008.

    The Canadian and U.S. economies, job growth, and inflation were all taken into account. The BOC also discussed household spending as part of their justification.

    “Households are adjusting their spending as expected in response to higher interest rates and housing market policies,” the BOC said.

    “In this context, household credit growth continues to moderate and housing activity across Canada is stabilizing. As a result, household vulnerabilities are edging lower in a number of respects, although they remain elevated.”

    Translation: the BOC believes that household debt is decreasing, and Canadians are spending less due to increased interest rates and new housing regulations, such as the mortgage stress test.

    They say that Canadians are taking out less credit and are able to afford the credit they do have.

    Of course, that may be true generally, but it is not always the case. Canadians may be taking out less credit, but they may also be struggling to pay off current debts.

    For example, if you have a high amount of credit card debt, your credit card interest rates will take a hit with the latest increase.

    If you had a credit card with a 20% interest rate before this raise, that would now be a 20.25% interest rate. A small hike, yes, but it could make a big difference.

    Apply that increase to all of your debt — can you afford the extra payments?

    And even if you can afford the extra payments, is that the best use of your hard-earned money?

    Whether you are carrying a high amount of debt, a low amount of debt, or want to take on more credit with a plan for repayment, we can help.

    At DebtCare Canada, we’ll help you build a plan for debt consolidation, credit repair, and more.

    The next BOC rate announcement is scheduled for December 5, 2018. The BOC said that more increases are on the horizon in 2019, and possibly sooner.

    Get in touch before then. Call 1-888-890-0888 or visit www.debtcare.ca.

  • Back to School Blues? Consolidate Credit Cards and Stop the Interest

    The back to school season, particularly for parents, is often a very hectic time of year, especially with regard to finances. The need/desire for new school clothes, shoes and supplies often leaves parents with racked up credit cards once all is said and done – or rather, purchased. And often accompanying these credit card bills is the challenge of finding money to pay them off.

    Check out this infographic from BMO to see just what these costs add up to:

    debt1

    So, what options are available? Consolidating credit cards is a great way to reduce your debt – and often makes sense – but the type of consolidation depends on your own personal circumstances. Here are a few options that may be available to help you deal with that back to school debt.

    1. Home equity loan. By using the equity in your home, you can consolidate credit cards, thereby reducing interest and consolidating the various bills into one monthly payment. Of course, this is only possible if you own a home and have sufficient equity for this purpose. If you rent, or are without equity, this is probably not going to be a viable option for you.
    2. Consumer proposal. This is another great option, especially if your credit isn’t great or if you don’t have the security or equity for a loan. A consumer proposal will have some impacts on your credit in the short term, but this is balanced out by the fact that interest stops accumulating, there is, like a loan, just a single monthly payment, and in many cases the overall debt owing is reduced.
    3. Line of credit or loan from a lender. This is another good option, and can achieve the same things as a home equity loan: lower interest and one monthly payment. You will need to have good credit or security for this option. At the same time, this is often the most expensive option of all because it will involve higher interest than a home equity loan or a consumer proposal.

    Kids are expensive, and when back to school season rolls around, they can become even more so. Once those bills start coming in, don’t stress. Call DebtCare Canada to find out about how to consolidate credit cards and get rid of debt: 1-888-890-0888.

     

  • Canadian Household Debt – How Do You Stack Up?

    Canadian Household DebtEarlier in February, the McKinsey Global Institute released a report regarding debt and global economies, and after surveying 47 countries, listed seven with ‘potential vulnerabilities’ when it comes to household debt. Among these seven is Canada, and the report argues that this Canadian household debt could prove disastrous, leading to further financial instability and a consumer spending slowdown.

    A recent Globe and Mail article touched on this report, stating that “As Canada’s economy begins to slow, the country’s growing household debt burden is raising new concerns as it outpaces that of most developed countries. In fact, Canada had the second-biggest jump in household debt-to-income ratios of any country other than Greece between 2007 and the second quarter of 2014.”

    You can view the entire report here.

    For many Canadians, this report likely does not come as a shock – a vast majority carry consumer debt loads that are significant. Canadian household debt has become a major source of stress for many individuals and families alike, leading either to a cut in consumer spending (which the report suggested as a potential outcome), placing some financial responsibilities before others, or both.

    If you find yourself in the Canadian household debt camp that is not so much swimming as treading water, it might be time to consider some alternatives. A debt consolidation, consumer proposal or bankruptcy can be a lifesaver when it comes to getting your finances back on track and eliminating financial stress from your life.

    Tired of being part of these startling statistics? DebtCare can help. Call us today to find out about the options available to help lower your consumer and household debt: 1-888-890-0888.