Canadian household debt crisis: Introduction
Canada is known around the world for many things including our hospitality, pristine lakes, beautiful mountains and exciting cities. Unfortunately, because of the Canadian household debt crisis, we’re now becoming known as one of the most indebted countries in the world!
Canadian household debt crisis: The OECD report
A report from the Organization for Economic Co-operation and Development (OECD) shows that:
- Canadian households top the list of countries surveyed as the most indebted
- Our household debt has surpassed Canada’s annual Gross Domestic Product (GDP) – it’s now more than 100% of GDP in Canada
Canadian household debt crisis: We are record breakers
We’re breaking other records as well:
- Household and corporate debt-to-GDP increased 20% between 2011 and 2016 (Canadian Centre for Policy Alternatives)
- Canada’s debt levels are putting it at risk (Bank of International Settlements)
Canadian household debt crisis: We have become deaf to all the warnings
We and many other financially responsible organizations and professionals have warned Canadians about the dangers of taking on too much debt. But, Canadians have become deaf to the message. And, borrowing with historically low-interest rates has become downright intoxicating. Sadly, these borrowers aren’t paying any mind to the fact that interest rates may rise which could have serious financial ramifications for many Canadians.
Canadian household debt crisis: It is time to focus on debt repayment and savings
It’s time to rein in the borrowing and focus on saving. Interest rates won’t stay low forever and with nothing saved, how will you pay your bills? Is the thought of retirement nothing more than an elusive dream?
Canadian household debt crisis: What can you do to get back on track financially before disaster strikes?
Canada, let’s stop leading the world in accumulating debt! Listen to the messages out there. The borrowing binge has to stop. Let’s reverse this Canadian household debt crisis.
Please look at your finances and see if you’re living paycheque to paycheque, or are already having trouble paying your bills. If this describes your current situation, you need professional help now!
A professional trustee can solve your financial problems with immediate action and the right plan. The Ira Smith Team has 50+ years of cumulative experience dealing with issues just like the ones that you’re facing. Give us a call today and let us give you back peace of mind Starting Over, Starting Now.