Many Canadians are faced with difficult decisions when their backs are against the wall with debt
TORONTO, ON, May 31, 2016 – The heavy debt burden Albertans are feeling, continues to plague the already beaten down province according to the latest Q1 2016 report from the Office of the Superintendent of Bankruptcy Canada.
The report highlights consumer insolvencies Canada-wide and the results for Q1 depict a troubling picture for many Canadians who continue to struggle with debt. The year-over-year results for consumer insolvencies are the following:
- Alberta up by 27.1 per cent
- Newfoundland increased by 26 per cent
- Northwest Territories 25.6 per cent increase
- Saskatchewan up by 19.8 per cent
- Prince Edward Island increased by 12.6 per cent
- Manitoba a 10.4 per cent increase
- New Brunswick slightly up by 0.8 per cent
- British Columbia relatively stable at a 0.1 per cent increase
- Nova Scotia is flat at 0.0 per cent
- Ontario decreased by -2.0 per cent
- Yukon down by 7.1 per cent
“Many consumers are faced with some real difficult decisions at the end of the day. The results from the insolvency report show Canadians are stretched and this trend will continue in the next quarter,” says Jeffrey Schwartz, executive director, Consolidated Credit Counseling Services of Canada.
“Consumer debt is a plague in many households and it is hard for some families to cope. Many Canadians are living pay cheque to pay cheque,” says Schwartz.
To help Canadian consumers manage their debt loads, Consolidated Credit offers the following tips:
- Leave your credit card at home and get used to carrying cash in your wallet. Relying on your credit card to fund your lifestyle is the fastest way you can end up drowning in debt.
- Go easy on mobile payments. Canadians love convenience however if you do not limit your tap and go purchases, you may end up digging a deep hole of debt.
- Avoid the vicious payday loan cycle. You will end up deeper into debt especially if you are unable to pay back the loan within the required time period.
- Examine your finances and create a budget. Budgeting is the key to determining how much money you can spend on a monthly basis.
- Get help to manage your debt. Call a trained credit counsellor! The heavy burden of debt is difficult to manage without an appropriate debt management strategy.
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: [email protected]