How To Start Living Debt Free
Do you never seem to have enough money to live your life the way you want to?
Are you struggling to pay your bills?
Are you living paycheck to paycheck?
If you answered yes to any of these, you’re not alone.
A majority of Canadians who owe money on their credit cards, lines of credit and other consumer debt products believe they would need a significant income boost to be able to kick their borrowing habit.
According to a recent countrywide survey conducted by Ipsos, 60 per cent of Canadians who carry non-mortgage debt say they would need to be making a lot more money in order to cover their expenses without relying on loans. On average, these borrowers think they need to be making nearly 40 per cent more.
Canadians who aren’t keeping up with their bills also said they’d need to be making almost 50 per cent more to live without debt. As an expert pointed out in a recent article “When debt becomes a financial survival tool, it makes people particularly vulnerable to exploitative and high-cost lending. They have to spend more to service their debts — particularly as interest rates rise — so they have less money to make ends meet.”
These statistics and comments point out the challenges that Canadians are having to pay off their debts, but also recognizes that Canadians want to live debt and stress free. Many of us have been here, and it’s tough. The good news is that, with patience, discipline and the right advice; there is a way out. Meanwhile, check out our debt calculator tool and see how much you can save by completing a credit proposal!
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.