Statistics Canada recently released a report stating that Canadians are holding a record level of household debt with the average Canadian household owing 164.6% of its annual income. That means for every $100 dollars you make this year as an average Canadian, you owe $164. If your income is not enough to supplement the level of debt you are carrying, you could find yourself in significant financial distress.
MNP LTD Trustee David Gowling was interviewed by AM 900 CHML Hamilton’s News Talk Leader to discuss the increase in insolvencies in Canada due to the fact that Canadians are carrying more debt than they can manage.
The original article was originally posted online on September 12, 2015.
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