Natasha Carr | March 16, 2017

Feeling lucky with your debt? Don’t!

Don’t wait for lady luck to manage your debt

TORONTO, ONTARIO, March 16, 2017 – Canadians are shouldering a lot of debt and some are hoping their luck in the debt department will change however it is not that simple – Canadians have to do the work instead of depending on their luck.st.-patricks-day

New statistics from Statistics Canada says household credit market debt rose to 167.3 per cent from 166.8 per cent in the third quarter. In other words for every $1.67 in credit market debt there was a $1 of household disposable income. The report also discovered Canadians are in love with credit so much so, they keep adding more to their debt loads:

“It concerns me that the debt levels of Canadians continue to grow quarter after quarter at alarming levels. Canadians need to find ways to minimize their debt levels by stop taking on more debt,” says Jeffrey Schwartz, executive director, Consolidated Credit Counseling Services of Canada.

“Wouldn’t it be great to hear one day that “Canadians are living within their means?”. This may be easier said than done for some however if nothing is done, some Canadians may be faced with a debt emergency,” says Schwartz.

Some Canadians may be feeling a little lucky in the debt department while others may have their luck run out if they don’t do something about their growing pile of debt. Consolidated Credit Counseling Services of Canada recommends the following:

Get serious

Spending your money without a game plan is a debt disaster waiting to happen. Get an understanding of where you stand financially by creating a budget. Once you know what is coming in from going out – you will know your limits for how much you can spend or not spend.

Throw some coin at it

The cycle of debt can be broken by learning how to save. Saving can be done in a variety of ways from brown bagging your lunch to eliminating office coffee runs – every little bit helps. The best part, with your new found money, you can direct it to your savings account.

Downsize

Spring is almost here! Take the time to not only de-clutter your home, but also de-clutter your life! Take it one step further by holding a garage sale to make some extra cash on items you no longer need.

Stop waiting to be lucky

When debt is ignored, it doesn’t stay dormant – it continues to grow and grow. If you are waiting for some kind of miracle to slash your debt, it won’t happen. You have to be pro-active and be ready to tackle your debt head on. Seek credit counselling from a non-profit credit counselling organization. Credit counselling can help you to crush your debt without a moment to spare. The debt you carry today can be nothing but a memory by tomorrow.

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About Consolidated Credit Counseling Services of Canada, Inc.:

Consolidated Credit Counseling Services of Canada is a national non-profit credit counselling organization that teaches consumers about personal finance.

For more information or to request an interview with Jeffrey Schwartz, please contact:

Natasha Carr, Community and Public Relations Manager,
Consolidated Credit Counseling Services of Canada, Inc.,
T: 416-915-7283 ext.1041, C: 416-830-4720, F: 416-915-5200, E: ncarr@consolidatedcredit.ca

Consolidated Credit Counseling Services of Canada, Inc has been verified as the owner or operator of the Web site located at www.consolidatedcredit.ca. Official records confirm Consolidated Credit Counseling Services of Canada, Inc as a valid business. Call us today and see what we can do for you.

We are a proud member of the Canadian Association of Credit Counselling Services (CACCS), the national voice for not-for-profit credit counselling services. As a CACCS member, you can trust that our trained credit counsellors strive to provide the best in professional, independent and unbiased personal finance services. We’ve helped hundreds of thousands of Canadians find relief from debt. Call us today to find out if we can help you.

Consolidated Credit Counseling of Canada is proud to be a member and support the Toronto Board of Trade. Founded in 1845, the Toronto Board of Trade is Canada’s largest local chamber of commerce. We share their vision, passion and commitment to serving the community and to foster economic and social welfare of the City of Toronto. Call us today and see what we can do for you.

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Consolidated Credit Counseling Services of Canada is accredited by the Canadian Centre for Accreditation – a national organization responsible for ensuring excellence in community service. We meet CCA’s high standards of service and accountability. Give us a call today and find out what we can do for you.

We are proud members of the Ontario Association of Credit Counseling Services (OACCS). OACCS sets the standard of required expertise for the financial counseling industry and the only organization to offer the exclusive professional designation of Accredited Financial Counsellor Canada (AFCC). With over 500,000 people helped, you can be assured that we can find the right solution for you. Call us today.

Time tested and customer trusted. Consolidated Credit Counseling Services of Canada, Inc has been a BBB Accredited Business since 2008 and has a current A+ rating. Call us today and see what we can do for you.

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AFCC (Accredited Financial Counsellor Canada)

AFCC (Accredited Financial Counsellor Canada) is a distinguished professional designation, indicating that a counsellor has successfully completed the program and has specialized knowledge, unique skills and expertise as a qualified Credit Counsellor.

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