5 Effective Debt Relief Tips When You're Drowning in the Red

By Joel Morris - 2016-07-03

Not only are provinces and municipalities racking up unsustainable debts, Canadian consumers and households are as well. And the latter is something that has been warned about for years.

According to data from Statistics Canada, the debt-to-disposable income ratio was 165.3 percent in the first quarter of 2016. This means Canadians owe $1.65 in debt for every dollar of disposable income they have, which is dangerously close to an all-time high.

Many governments and households tend to believe that they can handle their debt loads because of record low interest rates from the Bank of Canada (BoC). However, this is the wrong attitude to have. Artificially low interest rates can benefit you for things like mortgages, but when it comes to consumer debt,...

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