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 – You have to do the work and pay off your debt instead of depending on luck.
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:
- Households borrowed $28.4 billion in Q4 2016 up from $18.7 billion they borrowed the quarter prior
- Mortgage borrowing increased to $18.9 billion in Q4 2016 (an increase of $1.2 billion from Q3 2016)
- Consumer credit and non-mortgage loans increased to $9.5 billion for Q4 2016
“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:
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 to pay off your debt. 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.
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 pay off your debt. 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.
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]