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35 per cent said they feel overwhelmed by their level of debt.
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Debt is necessary for households to build assets and improve human capital while for the government, it facilitates government investment in the society. Debt helps companies to grow and develop. However, excessive debt held by households, companies or the government may create potential financial or economic instability.
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Overspending is becoming a major problem.
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Sometimes it pays off to go old school.
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Because who wants decades of personal debt?
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And people are worried about it.
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You're not alone when it comes to money.
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"Credit growth continues to be unusually high relative to GDP."
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Households owe about $1.68 for every dollar of disposable income.
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If you are playing with debt in 2016, you have to hope that everything remains stable -- your job, your health, your interest costs, even your relationship. However, based on my experience, if you are in the at-risk category, the odds are against you.
Keeping up with bills/getting by came in second, cited as the main priority of 18 per cent of respondents.
Debt has been in the news a lot lately. The major news outlets in Canada are paying attention to our record-high household debt levels and are doing some fantastic reporting about the effects of oil prices, housing, health, divorce, and all the other factors that can damage a family's bottom line. Yet amid this rabble of expert voices and real Canadian tales of debt crisis, there was one lone dissenter.
Consumers who file insolvency are in severe financial distress, but surprisingly this does not mean they are behind on their payments. According to Equifax Canada, about 70 per cent of consumer accounts are paid as agreed at the time the individual files for bankruptcy, and this is definitely consistent with what we see every day. More debtors are turning to subprime debt as a way of balancing payments. While any one payday loan, high cost instalment loan or low credit car loan will not necessarily lead to bankruptcy, it does begin a slippery slope and these loans are a primary indicator of an increasing percentage of insolvencies.
The amount owed by indebted Canadians grew by 64 per cent to $60,100 in just over a decade, according to a new Statistics Canada study. The StatsCan report released Wednesday found that between 1999 a...