Saturday, May 2, 2015

Debt Counselling Services Help Canadians Get Rid of Debt Problems

Canadians today are almost as immersed in debt as Americans. According to an article on Financial Post, Statistics Canada found that the national household debt to disposable income ratio reached 163.3% during the fourth quarter of 2014; a surge stemming from the general increase of 7.5% in household net worth. If some good news can be taken from this, however, it’s that the national household debt is still below the 165% consumer debt of the United States─ even after factoring the difference between how American and Canadian consumer debt ratios are calculated. Whether debt rates are different or parallel to those of another country, indebtedness in Canada still begs to be resolved immediately. The most appropriate solution for debtors is to contact their creditors, explain their current financial situation and negotiate a consumer proposal under the Bankruptcy and Insolvency Act.

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