Debt Relief Canada-resized-600.bmpAccording to a recent RBC survey, three-quarters of Canadians are in debt and owe an average amount of $16,000.  The average personal debt load has increased by $2,779 to a whopping $15,920 this year in comparison to last year.  This type of debt includes credit cards, loans and personal lines of credit.

The survey found that 24 per cent of Canadians surveyed indicated they were debt-free, down from 26 per cent in 2012.

Out of those Canadians in debt 38 per cent were anxious about their debt while 38 per cent claimed they were comfortable.  What is interesting about these statistics is how the comfort levels people experience with different personal debt loads vary.  Some are anxious about having a $2000 debt load, where others are comfortable with one as high as $85,000.

For example, a person in their 30’s or 40’s may be more comfortable having a debt load worth $85,000 (not including a mortgage) because they rely on the fact they have a number of years to pay the debt off.  Where as a person in their 70’s, with little or no significant savings or assets, may not be comfortable with a debt load as low as $3000.  Pensioners who do not have the income they used to are more worried about making their credit card and rent or mortgage payments.   Debt worry will be different for ever stage in life.  It can also depend on income level.  A person earning over $100,000 per year may not worry as much about debt as someone earning $30,000 per year.

If you are over 50 years of age and are still in debt, you would benefit from reading the article “Tips for managing debt for Canadians 50 Plus”.

Many people simply do not realize the severity of their debt load, giving them a false sense of comfort.  Living paycheque to paycheque and affording only minimum payments is becoming the careless norm for many Canadians.  They may be more comfortable living with a personal debt load of $100,000 and just “surviving” without aspiring to get debt paid off sooner than later.  Banks love these kinds of consumers because they trap them into an endless stream of interest payments.

Do you know how much debt you have?  Do you have a plan to get out of debt?  Does your debt keep you up at night with worry?  If you don’t know the signs of debt, please read this: “How do you know you are in Debt?”

For more information about what options are available to Canadians for getting out of debt, please visit us online at www.occa.ca.  OCCA Consumer Debt Relief has freed thousands of Canadians from their debt trouble for over 11 years.  We can help you too.

 

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