Canadian Consumer Debt

Table of Contents

Rising Debt

According to the latest from Equifax Canada, Canadian consumer debt rose 1.1% to $1.529-trillion up from $1.513-trillion. Canadian consumer debt continues to rise with Canadians taking on even more personal debt and mortgage debt. Previously consumer debt was up 7.7% to $1.42-trillion a year earlier. Canadians still seem to be using their credit cards despite the warnings to watch their borrowing and with the recent weakening economy in late 2014.

The average Canadian consumer debt rose 2.9% to $20,967, and this is not including mortgages and the main source of demand for credit for consumers was mainly credit cards.

Canada’s central bank raised concern regarding the continued rising debt of Canadian household that is now at 163% of their disposable income. So what does this number mean? It means they owe over $1.63 for each $1 in disposable income earned per year.

This ends up leaving little room for Canadians to save for their future, including their retirement.

household debt ratio rising

With household debt and mortgage debt rising faster than ones wages or a families wages, this leaves less room for future savings and paying down the current debts faster. If you find that your spending is out of control and your debts are rising faster than you can pay off. A good place to start is to learn how to properly budget. You will need to identify your fixed monthly expenses, your variable monthly costs and include your infrequent expenses that occur throughout the year. See our page on cutting expenses for helpful tips as well.

With our setting up a budget, once you have your budget setup, you will have a better idea of how much actual money you have to work with for your savings and paying down your debts. Often when putting everything down in front of you, you can see exactly how much you are able to budget within your means.

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt, call us at 1-844-962-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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I have been surviving on paycheck-to-paycheck basis and could not go any further because the lending interests just accumulated beyond what I can afford. Fortunately, a good friend recommended Grace Cuffaro from David Sklar & Assoc. and I finally got to settle my financial obligations in a reasonable way. Don't go anywhere else; ignore those financial brokers and social media ads who just want more money from you - go directly to the people who can really save you from drowning in debt.
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I recently had the privilege of working with Trina at David Sklar & Associates, and I cannot praise her enough. Trina’s commitment to her clients goes above and beyond the norm. Here’s why she stands out:Incredible Knowledge: Trina is well-informed and deeply understands her job. Her expertise shines through as she navigates complex processes effortlessly.Client-Centric Approach: Trina doesn’t just follow procedures; she genuinely cares about her clients. She takes the time to listen, empathize, and tailor solutions to their unique situations.Clear Communication: Explaining financial matters can be daunting, but Trina excels at breaking down each step of the process. Her clarity and patience make even the most intricate details understandable.Availability and Accommodation: Trina’s dedication extends beyond office hours. She accommodates last-minute changes and ensures her clients feel supported throughout their journey.In summary, Trina is a gem in the world of customer service. If you’re seeking debt resolution, don’t hesitate to reach out to David Sklar & Associates—and ask for Trina. You’ll be in capable, caring hands.Thank you, Trina, for making a difference!
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Trina and her staff were great, excellent job explaining on what will be required of me regarding my situation. Very helpful staff. Would highly recommend Trina and her staff.
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