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 was quite nervous and a little embarrassed that I needed financial advice. I met with Jerry Janiec and he was very helpful. He made me feel comfortable and explained everything in easy to understand terms so that I understood what my options were. I would recommend David Sklar & Associates for anyone in my position.
Melissa Blackburn
19:53 17 Nov 22
I was fortunate enough to be referred to David Sklar & Associates Inc. by a family member. Now in the10th month of a Consumer Proposal process, I am very impressed with the organization, professionalism and impeccable customer representation that I have experienced. To this effect, I amparticularly thankful to Jerry Janiec and Rhoda Lewis for their excellent work.
Suzanna Vaclavik
12:21 16 Nov 22
Recently dealt with Christine at David Sklar & Assoc. and worked out a Consumer Proposal to put forth to my creditors for my Credit Card debt. She was very courteous, professional and put me at ease with a proposal that I can afford on a monthly basis, which will eliminate my debit in a reasonable timeframe. I would recommend Christine and this firm in a heartbeat. Very happy with the service and attention I got !!
Patrick Kovanchak
01:59 15 Nov 22
Excellent customer service. Special thanks to Olga for being prompt and helpful. She’s a star. Bibi is helpful as well. Great agency to work with.
Fady Tadros
19:28 14 Nov 22
After seeing your commercial play on CP24, I realized that it addressed all the questions and concerns I had about my financial situation. It all started with my one phone call to your office. I had the extreme pleasure of working with Cori Naron at your St. Clair West office in September 2022. She took the time to explain what my options were knowing that it was a very stressful situation with my debt load. She made me feel at ease with my decision to file a consumer proposal and outlined the benefits to me. She is thorough and her attention to detail is outstanding. While it takes a little while to reap the benefits of making this hard decision, she took the time to reassure me that it was in my best financial interest. Well done David Sklar & Associates for having such an amazing representative at your company and for allowing me to "get a fresh start"!
David
14:31 14 Nov 22
Very highly perfection individual, well executed and greatly knowledgeable in his work, which guided me me the right decisions making opportunities. Thank you.Sincerely, Peter Romasz
Peter Romasz
20:18 13 Nov 22
Trina Powell was very helpful and made the process very easy. Thanks again for all your help.
Jennifer Hager
17:59 06 Nov 22
Jerry is a caring, trustful, knowledgeable and competent Sklar associate. He understood my needs and quickly went to work on my behalf. Ever indebted to David Sklar and Associates and especially to Jerry for his professionalism and caring approach.
David Craig
19:31 31 Oct 22
Jerry Janiec is very knowledgeable and very helpful everything he explained to me was straightforward and very easy to understand. I'm very pleased to be working with Jerry to become debt free. I will definitely be recommending to any friends or colleagues your services.Thank you again for helping me get on the road to be debt free. 5 Stars is well deserved.
Christopher Rakobowchuk
17:41 27 Oct 22
Hi there! I am very glad to met this company, especially Jackie Stanley. Thanks for her great work and help me to save my money! Very appreciable!
Mehri Agil
02:43 26 Oct 22
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