Canadians are facing high levels of debt, but how they handle that debt varies including what they can save.
Global News’ Post
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When considering the rising amount of debt Canadians have in their households, one stat speaks volumes. According to Statistics Canada, household debt has grown to $2.9 trillion, a new record. This is comparable to 101% of the country’s gross domestic product, or GDP.In light of this concerning trend, we can play a constructive role in assisting consumers. Through responsible communication and tailored repayment solutions, our skilled agents help individuals manage their debt burdens effectively. By engaging in dialogue and offering flexible arrangements, we can contribute to easing the financial strain and supporting consumers on their path to financial stability.
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How to Handle Rising Interest Rates and Debt As Canadians, we are currently facing a challenging financial climate. With interest rates steadily climbing, personal and national debt levels are increasing, causing concern and uncertainty for many households. #interestrates #ontariocanada #debt #debtconsolidation #creditscore https://lnkd.in/dswwi4KU
How to Handle Rising Interest Rates and Debt - Empireone Credit
https://www.empireonecredit.ca
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Canadians and Debt. Canadians have had an ever-increasing ratio of debt to disposable income. With a prospective slowing economy and rising interest rates, this can be alarming to those with a significant debt load. Quite simply, we have become too accustomed to debt within the last 10-15 years because of the low cost of debt and the ease of access of borrowing facilities. This is stressful. Being in debt is stressful. If you are working with a financial professional, I encourage you to have a conversation with them on how you can reduce your debt load. If you are not working with a financial professional or feel uncomfortable in discussing this with your current financial professional, please reach out to me directly for a coffee chat. This can be scary, but it doesn't have to be scary alone.
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As interest rates move upwards and the cost of living remains a challenge for households, the proportion of Canadians who report being insolvent has reached an all-time high, according to the latest MNP Consumer Debt Index. #MNPcdi #DefeatDebt #MNPDebtBreakPodcast
MNP Consumer Debt Index - July (MNP 3 Minute Debt Break)
mnpdebt.ca
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Debt payments by the 50 countries most vulnerable to the #ClimateCrisis have doubled since the start of the coronavirus pandemic & now stand at their highest level in more than three decades
Debt payments by countries most vulnerable to climate crisis soar
theguardian.com
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Our 2024 Consumer Debt Report is now available! We’ve completed our annual survey of over 1,500 Canadians to try to gain a deeper understanding of what Canadians are going through, the challenging realities they are facing, and how they are managing their finances through all this turmoil. This survey provides important insights into the debt, perceptions, feelings, financial management skills, and future outlook for people across Canada. Spoiler: More Canadians feel worse about their financial situation now than at any time during or since the pandemic. Having helped thousands of Canadians weather the financial storm last year which persisted through inflation combined with mounting interest rate increases, we know that there are options out there for anyone and everyone. Call us to find yours. 1-888-527-8999 https://lnkd.in/d4-scjDS
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Canadians have a more negative attitude towards their finances and debt this quarter, according to the MNP Consumer Debt Index. The index also shows that 35% of Canadians already don’t make enough to cover their bills and debts payments. Learn more 👇 https://lnkd.in/dCDSXC-p #Debt #InterestRates #PersonalFinance
MNP Consumer Debt Index
mnpdebt.ca
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The Debt Olympics - How do we rate? Australia and Australians loaded up on debt in the GFC and again in Covid, but how do we stack up against other countries? How do we rate on: - Government debt - Corporate debt - Household debt Is debt good or bad? When does it become a problem? The answers are probably very different to what you may have thought. #financialmarkets #assetallocation #investmentstrategy #wealthmanagement #portfoliomanagement #shares #debt #bonds
The Debt Olympics - How do we rate?
owenanalytics.com.au
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In Canada, managing debt is more crucial than ever, with households owing nearly $1.82 for every dollar of disposable income. As interest rates rise, Canadians face increasing challenges, with total non-mortgage debt hitting $620 billion. Embracing effective debt management strategies, like assessing debt, budgeting, choosing the right repayment plan, and negotiating with creditors, can lead the way to financial freedom. Let's tackle our finances head-on and work towards a debt-free future!
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Financial Advisor | To improve the lives of my clients. It's not about investing. It's about well-being. Life is for living. Let's partner for all of it.
Living with debt can be stressful, especially during high-inflationary periods where it can be more difficult to find extra money to put toward debt repayment. Did you know that 38% of Canadians report that money is their greatest source of stress, according to the FP Canada Financial Stress Index? If you're stressed, you're not alone. Luckily, there are three primary methods to tackling debt: the snowball method, the avalanche method, and debt consolidation. Want to learn more? Let me know. #DebtManagement #FinancialStress #MoneyMatters
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