Are you living in a financial dangers zone? Many Canadians have been managing to stay afloat but Bank of Canada officials and federal government ministers have been warning about the financial dangers of accumulating too much debt. With interest rates so low many Canadians have been over borrowing; but what are you going to do once the interest rates go up?
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Canadians have serious debt problems:
- Statistics Canada reports that families now owe about $1.65 for every dollar of after-tax income
- TransUnion reports that the average Canadian’s consumer debt load hit $27,485 at the end of 2012, a 6% increase over the previous year’s level and the first time the figure has been above $27,000
Consumer debt in Canada has reached an all time high. Are you too far in debt? Are you in a financial dangers zone? The Office of Consumer Affairs (OCA) has listed 8 warning signs that tell you when you are too far in debt, in a financial dangers zone and need to make changes in order to avoid bankruptcy:
- Frequently pay bills after their due date
- Regularly bounce cheques
- Use an advance from one credit card to pay the minimum amount on another card
- Receive calls from a collection agency
- Regularly ask friends or family members for loans
- Have your utilities cut off (telephone, hydro, water)
- Have cut back on regular budget expenses such as clothing and recreation, or necessities such as food
- Are considering taking a second job in order to help pay your bills
If you are living in a financial dangers zone, now is the time to take action. Contact Ira Smith Trustee & Receiver Inc. We can help you with your debt problems before they reach the critical level. Bankruptcy is not the only option to a financial crisis. There are bankruptcy alternatives which include credit counselling, debt consolidation and consumer proposals. Starting Over, Starting Now you can have debt relief.
