A new week means new reports on the increasing debt levels of Canadians. This time the reports result from a survey commissioned by the Royal Bank of Canada on the debt levels of Canadians.
As you are likely aware by now, both from reading our past blogs and from the numerous and frequent news reports on the subject, the average debt levels of Canadians continue to rise. According to this survey, only 24% of Canadians are without non-mortgage debt, down from 26% in 2012.
This survey also tells us that 38% of Canadians are anxious about their debt levels. This is up from 34% last year. Wouldn’t it be great if you were among those Canadians without debt, giving you one less thing to worry about and allowing you to sleep better at night?
For some people, the way out of debt is through careful budgeting, reduced spending, and improving your income situation. Unfortunately, for many people this path is not always realistic. Many people that we see in our Grant Thornton offices in Fort Frances, Dryden, Marathon and Thunder Bay are already great budgeters. However, sometimes no amount of budgeting will help if you are carrying large amounts of debt and your income is limited due to things like medical issues, loss of employment, or large support payments. Likewise, many people who visit us for debt help bring in a decent income, but already have so much debt that it simply is not serviceable, even with a steady income.
In order for these people to join the 24% of Canadians who are without debt, some form of debt restructuring is likely required. That is where Grant Thornton can help. Through a consumer proposal or a bankruptcy, you can deal with your debts in a way that could leave you debt free. For more information, please call us toll-free at 310-8888.