The Slow Ticking Time Bomb: How Easy Money Is Transforming Canada Into Debt Nation
Canadians are positively swimming in debt and this trend is increasing every year.
It has reached more than $2 trillion dollars, according to the last numbers from the Bank of Canada. This is up by almost 4% in the past year, despite repeated dire warnings from economists, policy makers and central bankers.
This means that Canadians now owe roughly $1.70 for every $1 they earn; a ratio that experts warn is among the highest in the developed world. To be fair, a lot of this has to do which various life challenges that Canadians have come against.
Here are three great examples of this:
- A family tragedy and health setbacks.
- Being restructured out of a corporate career and having to fend for themselves as a freelancer.
- Racking up tens of thousands in debt in their early twenties.
These are very common stories and situations, and can go for the better or for worse if one doesn’t find a solution quickly. There is a solution for this and the first step is to assess your finances. Canadian financial debt is on the rise, and experts are encouraging Canadians to start taking the warnings about debt loads seriously. There are many options out there to help people address and resolve their debts; being able to live their lives financial stress free.
From mortgages to car loans and credit card debt, here’s how the Bank of Canada’s rising interest rates will affect your monthly budget:
If you’re looking for a credit counsellor in Toronto, get a quick assessment with us today or call us at 416.900.2324. We will help you develop a plan, reduce your interest costs and get out of debt over time.