Need Debt Help - How much debt is too much debt in Canada?

We read about it almost weekly - Canadians have accumulated record levels of consumer debt. But how much debt is too much debt? Well the answer is “It Depends”.  Every Canadian will be able to comfortably manage different levels of debt as each of our financial situations is uniquely personal due to a number of factors, such as:

• our level of income
• the number of people in our household – income earners and dependents
• where we live – cost of living varies by Province and City
• our lifestyle choices and savings goals – buy now or save for later
• stage in life – age and health

Watch for Warning Signs that your debt may be too high!

If two or more of the following points apply to your financial situation on a regular basis than this may be a warning signal that you have too much debt:

• No savings
• Not paying off credit card balances in full each month
• No money left before payday
• Requesting increases in credit card limits
• Using credit to pay for necessities like food and utilities
• Applying for unnecessary credit cards
• Borrowing from one creditor to pay another
• Impulse buying
• Consolidating loans

Who should I talk to for Debt Help?

If you are concerned that your debt may have climbed too high or if collectors are calling you regularly, then you should contact a restructuring professional at MNP.  Our professionals are government licensed and regulated. This means we MUST review all of your financial options with you and help you decide which option is best for you.  Don’t wait, we find that the earlier Canadian’s come and see us about their debt, the more options they usually have. So call us today for a free confidential consultation.