Bank turned you down your debt consolidation loan application?
It’s Christmas time and besides Christmas carols; the main sound we hear is the rhythm of the ring of the cash register, or the beep of the credit card reader. Shoppers leave stores laden with bags and bags of gifts, quickly spending thousands in mere days. If they saved up for this expense, they are fine, but if not, the spectrum of debt looms over them when those January bills start to roll in. It’s so easy to do. We find the perfect gift, forget our budget and think, “I’ll pay for it later!” But when the stress of January comes with going back to work and waiting in anticipation for our credit card bills to come in, reality sets in.
Canadians owe a lot of money. Just days ago, Stats Canada reported that household debt ratio to annual disposable income reached a new high of 164.6%! (see Canadians are carrying more debt than ever before) So the average household in Canada now owes more than 1 1/2 times its annual income. This is shocking considering our global economic instability. Still, people don’t seem to want to talk about or even think about their debt. Once you’ve become overwhelmed with it and the prospect of losing your home becomes a reality, it is often too late.Read More