It is important to remember that everyone has their financial situation. There can be times when deciding on a debt relief option can be stressful.
Building credit might be challenging. When you’re new to credit or “credit invisible,” you don’t have enough payment history recorded to the credit bureaus to generate a credit score, so finding a lender who would approve you for a loan can be tricky.
In the modern world, the majority of people accumulate a considerable amount of debt to pay for necessities and luxuries whenever and wherever their current income is insufficient to meet the cost.
In Alberta, non-mortgage debt is at extraordinarily high levels due to consumer dependence on credit cards, which is expanding, according to credit reporting agency Equifax Canada.
Financial conditions are becoming more restrictive as Canada’s economy is contracting at an abnormally rapid rate.
In Q4 2021, household net worth hit a record $15.9 trillion, a startling $3.6 trillion more than pre-pandemic (2019/Q4) levels, according to a new report by RBC Economics.
There has been a reduction in debt levels in the first quarter of this year in comparison with the fourth quarter of last year, according to Statistics Canada.
If you are in a challenging disposition financially, it is beneficial to look to legitimate options that will help you improve your situation.
According to Equifax the “Total consumer debt has climbed to $2.32 Trillion, an increase of 8.2 percent in Q2 2022 compared to last year according to Equifax Canada’s most recent Market Pulse consumer credit trends and insights report.” This update is very vital in understanding the current financial situation of every Canadian.
If you are in a situation where debt is getting out of control, here is a guide for you. Debt relief in Ontario is still manageable with the right knowledge and strategy.
You are at the point in life where you are aware of what debt is, and to counter this, you may have taken out loans or two to pay utility bills as well as other expenses you have incurred.