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As a result of the pandemic, Canadians are wealthier, but also more in debt. According to a study, Canadian family wealth hit a high in 2021, yet borrowing expenses are also increasing.
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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.
The 5% growth in assets for the banking sector in the fourth quarter will likely be mainly offset by a decline in stock markets in the first quarter. However, the increase in household equity in real estate assets during the previous two years, which accounted for more than half of net asset growth (57%), has resulted from growing real estate values.
The poll indicates that household debt is also at a record high as a result of booming real estate markets and rising mortgage borrowing. Since the beginning of the epidemic, mortgage debt has grown by $44 billion, bringing the total amount to more than $300 billion.
Because of this, the carefully watched debt-to-income ratio increased to a record-high of 186.2% in Q4 and there was a decrease in disposable income as government pandemic help continued to diminish.
Although Russia’s invasion of Ukraine has increased geopolitical unpredictability, already severe inflationary pressures are being exacerbated by increasing global commodity prices. Furthermore, the present emergency low-interest rates cannot be justified given the robust job market.
As COVID-19 restrictions restricted expenditures and government assistance boosted revenues, households accrued substantial savings throughout the outbreak. This saving hoard is expected to help safeguard consumer buying power even if interest rates increase in global inflation rates due to Ukraine’s conflict.
The financial safety net nevertheless has not been distributed equally. Even though lower-income households borrowed less, their savings balances did not rise considerably.
As government aid for the epidemic has decreased, credit card borrowing has soared. Due to their higher debt loads relative to their income, households with lower incomes are also more susceptible to interest rate increases.
Additionally, those households spend a larger portion of their income on necessities like food and electricity, which are growing more costly as a result of Russia’s invasion of Ukraine.
Some people are still affected financially by the epidemic, though. So with pent-up demand from those at the top of the income spectrum supporting travel and hospitality expenditures, overall spending is anticipated to stay unchanged.
If you are one of those affected by this pandemic’s economic effect and continuously experiencing debt, National Debt Relief is a highly authorized leader that assists individuals like you in permanently eliminating their debt.
To know more what you can benefit from our Ontario Debt Relief Program, simply try our Debt Consolidation Calculator below and one of our debt specialists will get in touch with you and provide you the best debt relief option that fits your situation.
No contact details required to find out if you qualify
We will help you reduce as much as 75% of your debts and consolidate it into a single affordable monthly payment. Your creditors will stop harassing you and all interest will freeze if you get into our Ontario Government Debt Relief Program.
Many Ontarians are already benefiting from our Debt Relief Program, YOU should too!
Find out how much you can write off portion of your debts by getting your Free Savings Estimate below. A debt specialist from National Debt Relief Services in Ontario will discuss all options and provide you tailor-fitted Debt Relief Program.
SEE IF YOU QUALIFY TO:
No contact details required to find out if you qualify
A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.
Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.
No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.
The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.
This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.
If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.
After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.
A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score.
National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.
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