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Canada’s Mounting Debt Approaching Critical Level as Households Struggle to Pay Their Bills
More than half of Canadians are within $200 of being unable to meet their monthly expenses, yet households still show no sign of debt aversion.
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The Culture of Debt: Canada’s Growing Credit Problem
Nearly three-quarters of Canadian families carry some form of debt. This figure is expected to increase as debt acceptance remains a cultural norm. But under the seams of this cultural norm are big issues that threaten to undermine the economy.
Read moreMortgage Debt Climbing Faster than Credit Cards; but is that a Bad Thing?
A recent report from Equifax showed that our household debt is increasing even though our delinquencies are on the decline. And when it comes to that debt, the report also stated that as Canadians, our mortgage debt is climbing at much faster speeds than that of our credit card debt. Now the question is, is…
Read moreAverage Household Debt-To-Income Ratio at 150% Even as Credit Card Debt Falls
Average Canadian household debt stands at a record $100,000 and the savings rate has plummeted to 4.2%. But surprisingly, credit card debt in the last quarter of 2010 was down 2.7%, with many Canadians using lines of credit to pay off their credit card balance.
Read moreHow to Consolidate Credit Card Debt
Great Tips on Consolidating Credit Card Debt
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