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Tag: consumer debt levels

  • Canadian Consumer Debt News: $200 Increase Could Spell Disaster for Many

    We are continually on the watch for news about Canadian consumer debt and the impacts of certain market conditions such as interest rates and a booming housing market. This week is no different.

    Last week, the Huffington Post released this alarming article regarding debt levels, entitled “Canadian Debt Levels Would Crush Them If They Were $200 Higher Per Month: Survey.” Discussed within the article is a survey done by consumer insolvency firm MNP Ltd.

    The survey results leave much to be desired. According to the responses of the over 1500 Canadians, 56% said they are only a couple hundred dollars from a debt crisis.

    Another 52% said they are worried about their current debt levels, while half of the individuals surveyed said that they regretted owing so much money. An additional 38% said raising interest rates could leave them on the verge of bankruptcy.

    Check out the article in full here: http://www.huffingtonpost.ca/2016/09/28/canadian-debt-levels_n_12235290.html.

    If you find yourself reading the article and counting yourself among the group highly concerned about your current debt levels, it might be time to consider alternatives.
    At DebtCare, we know how important it is to feel financially secure. With the current economy and Canadian consumer debt levels sitting at all-time highs, don’t leave yourself vulnerable.

    Call us today at 1-888-890-0888.

     

     

     

     

     

     

  • In The News: Global News Talks Canadian Consumer Debt

    In a recent Global News release, the most recent Canadian consumer debt statistics were examined, and what’s been found might surprise you.

    According to the article, debt levels vary from province to province, and the spending trends vary with them. The article states that in the east, where consumers are less likely to be able to handle the financial burden, spending has increased; debt levels have increased, on average, 4%. However, in the more economically prosperous west, people seem to be dialing back.

    Ontario seems to be sitting somewhere in the middle. The articles notes, “Ontarians increased their obligations by more than 2.5 per cent in the second quarter compared to the same period a year ago, to $20,385.”

    Check out this infographic from Equifax which highlights the average for each province and how much that average has increased over the year.

    raw_ane_consumer-debt-levels-map-online

     

    Check out the full article here.

    For more about Canadian consumer debt levels or how to get a handle on your own debt levels, please contact DebtCare Canada today by calling 1-888-890-0888.

  • In The News: Canadian Consumer Debt

    Canadian Consumer DebtNo matter your situation, debt is likely something that you tackle on a regular basis. This may mean paying bills on time or, if the situation is a little more precarious, deciding which bills you are able to pay on time and which ones can wait. But debt, for the majority of Canadians, is a fact of life: Canadian consumer debt is often unavoidable.

    Check out this recent article from the Globe and Mail regarding the status of Canadian consumer debt levels: –       http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/canadians-taking-on-more-debt-but-delinquency-rate-drops-report-finds/article20343607/.

    According to the article, “As of the second quarter of 2014, Canadian consumers owe $1.44-trillion, up from $1.42-trillion in the first quarter and $1.35-trillion a year ago, according to credit monitoring firm Equifax Canada.” However, although Canadians are taking on more debt, they seem to be better at paying it back: “The delinquency rate, which tracks bills overdue by 90 days or more, fell by 2.8 per cent.”

    For those in the position to make regular payments, on time, debt may not produce the same stressful effects as it does for those who are not in the same position. If your household debt levels seem to be a significant cause of strain or anxiety, it might be time to start thinking about making some changes. These changes may be something as simple as working out a strict budget or something as complex as a consumer proposal. Whatever the change, reducing your financial stress can be a great way to improve your overall well-being.

    As Canadian consumer debt levels rise, so too does the need to find effective means for debt relief. If you are in the same boat as those thousands of Canadians who struggle to maintain a strong hold on their debt, call DebtCare Canada today to discuss your options: 1-888-890-0888.