Sunday, June 21, 2015
Debt Relief in Canada: More Canadian Households are in Debt – Study
Years ago, Canada had been known around the world as a nation of savers, in fact most Canadians have been able to stockpile at least 20 per cent of their annual income. Nowadays, however, more people are finding it hard to save, with more households finding themselves sinking into debt every day. On the other hand, debt relief in Canada can be achieved through different means, such as arming yourself with the proper knowledge of your choices. Debt Levels Twice of Annual After-Tax Income According to the new study from Statistics Canada, more than a third (or approximately 35 per cent) of families now have a debt-to-income ratio of 2.0 in 2012. In simple terms, the overall debt of these households is at least twice that of their annual after-tax income. This was a marked increase compared to 1999, when only 23 per cent of households had this debt-to-income ratio.