Now is the time to make a plan and take action
Debt seems to be a constant headline in newspapers across Canada. We’re indebted, we’re living paycheque-to-paycheque, and we’re not saving money. But one statistic from BMO from October 2015 painted a particularly scary picture: nearly one in six Canadians couldn’t handle a $500 increase in their mortgage payments.
An increase in interest rates is most likely a “when” and not an “if”, and with Canadians living on the financial edge, it appears that a bump of three percentage points would be enough to cause us to lose our grip.
Jacob MacDonald, manager of community and public relations for Consolidated Credit, explained to CreditCard.ca’s Laura LaRocca why now is the time to pay down debt, and what Canadians can do to make it easier.
If you are struggling to pay down debt, credit counselling might be the answer. Trained credit counsellors will analyze your spending habits and help you come up with a plan that will work. Call us at or try our Free Debt Analysis online.