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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The team at David Sklar and Associates Inc are very professional and are willing to help you get out of debt. Highly recommended.
Melissa MacKenzie
12:35 29 Mar 23
I would like to thank the team at David Sklar and associates inc. for all the time and effort they put in to support this process for me. This topic can be challenging to disclose but a big thank you to Christine for going above and beyond in guiding me through all my options and supporting me through the decisions. I cannot recommend this group enough , as they have shown me compassion , knowledge , and understanding throughout the entire process. I look forward to the next step of this process and learning how the proper way of becoming financially educated through the support of their financial counselling team. For anyone who is struggling , just know that there is a wonderful group of educated professionals at David Sklar who are available to help!
Michelle Plouffe
18:45 14 Mar 23
It took me awhile to get up the courage to contact David Sklar but I’m so glad I did. Trina walked through my options with me and provided the knowledge I needed to make a decision to help turn my financial situation around. She is patient and empathetic and answered any and every question that I had. Trina provided me the reassurance I needed that I was making the best decisions for me and my family. I’m so happy that I reached out and now have a plan to get back on track.
M. Mackenzie
19:59 12 Mar 23
Trina was very helpful and thorough.
Sam M
15:26 12 Mar 23
Christine was very helpful, kind, and understanding. She explained everything thoroughly, answered any questions I had, and was responsive to any concerns I had. 100% would recommend
Katherine Campbell
17:29 08 Mar 23
Jackie Stanley is excellent she took the time to explain everything to me and I am so grateful to her for giving me a fresh financial start so if you have any doubts don’t and go see her if you want to achieve financial freedom!
Heather Helfield
21:24 06 Mar 23
Amazing friendly staff that knows what they are going. They make a difficult situation not so bad. Would give 10 stars if I could.
alie Balan
22:37 25 Feb 23
Very helpful and kind and gave me all the available options before helping me decide which one was best for me. I would definitely recommend Jackie
Alison Rivard
01:01 21 Feb 23
Great experience i was in financial trouble and someone of my friends recommended this company. Cori is a wonderful and welcoming person she did a very good job and came up with a smooth and flexible monthly payment after the reduction. i highly recommend this company. Thank you David sklar and special thanks to Cori.❤️🙏🏻
Jasmine Joseph
22:08 13 Jan 23
Met up with Mr. Jason Sklar to discuss more in person, very thorough and clear. He is very kind and thoughtful, I will be referring anyone with the same situation to David Sklar & Associates.
Ariel Domingo
02:33 29 Dec 22
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