Tuesday, 7 October 2014

In The News: Canadian Consumer Debt

No 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.

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