Divorce, Debt, and Recovery

Consolidated Credit helps Toronto-area woman get back on her feet

cbc logoWe’ve all seen the headlines – household debt is at record heights; savings rates are nearly at all-time lows.  Broken down to individuals, that equals $21,028 per person in unsecured debt. We hear business reporters talk about the average Canadian’s debt-to-income ratio of 164.6 — meaning we owe $1.64 for every dollar we earn.

While the numbers are clear, it can be difficult to imagine the true impact of debt without getting to know the people directly affected by it.

CBC Toronto reporter Shannon Martin spoke with Elizabeth, a Toronto-area women who hit financial rock-bottom after a divorce slashed her income while increasing her bills.  Elizabeth thought she would have to declare bankruptcy, but instead she made a call to Consolidated Credit.  Her $20,000 in unsecured debt began to melt away as Elizabeth used Consolidated Credit’s debt management program and budgeting advice to regain control of her finances.

Click here to read the article.


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