Canadians are putting away their credit cards!

Toronto Jan 26: CIBC today released their latest Household Credit Analysis Report. The report found that credit card delinquency rates and bad debt have risen notably over the past year, but recent figures reveal an improving trend. Canadians have decided to put their credit cards away and focus more on paying down their debt.

In comparing 2010 to 2009, “Year over Year, we educated 25% more Canadians on money management and financial literacy,” says Jeffrey Schwartz, executive director of Consolidated Credit Counseling Services of Canada. “Canadians are paying attention to the warning signs and reaching out for help, our counselling team and community outreach manger have never been busier responding to people looking for ways to reduce their debt.”

Canadians are asking questions such as: “How can they better manage their financial situation and reduce the heavy debt they have accumulated” and “Help me with my budget, I need to find a way to save for my future?” For those who are stretched beyond their limits they are asking for more drastic solutions.

Schwartz adds, “The more Canadians we educate in better money management the sooner they will be able to take control of their finances and pay down their household debt.”

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