Last week we celebrated Canada Day and that
means that half of 2014 is officially over. Just like New Year’s Day, this
holiday often leads people to think back on the past 6 months – have you
evaluated your current debt load? Well, if you haven’t, Yahoo Finance has, and has discovered just how much Canadian
consumer debt is impacting the nation’s economy.
Check out this recent release from Yahoo Finance, “Household Debt Overhang Holding
Back Canada's Economy”: https://ca.finance.yahoo.com/news/household-debt-overhang-holding-back-124451782.html. According to the article, Canada was able to overcome
the recent financial crisis thanks in part to consumer spending. A hot housing
market and consumer spending meant that our economy was able to rebound far
quicker than the U.S., but at a substantial cost. Now, thanks to high Canadian
consumer debt, individuals are spending less and paying off more, meaning that
economic growth won’t reach the levels initially anticipated.
Furthermore, “Canada's disposable household debt-to-income ratio is at a
near-record high of 164.0 percent. By contrast, U.S. households reduced their
indebtedness in the wake of the crash.” Clearly there are drawbacks to having
dealt with the crash in a way that meant less economic meltdown for the average
Canadian.
If you are one of the many Canadians whose
spending has led to a mountain of debt that now seems unmanageable, it might be
time to start thinking about some viable solutions. Don’t get stuck barely able
to make ends meet because of the interest on credit cards and the looming
collection action being threatened by your creditors. Get in touch with a company today to find out
what options exist to help you regain control of your finances.
For more about Canadian consumer debt and
taking back control of your money please contact DebtCare Canada today by
calling 1-888-890-0888.
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