Relying on credit to carry you through times of underemployment? Careful! Debt can be more costly than you think!

With a wavering Canadian economy and unemployment continuing to roll through several Canadian provinces, thousands of households have found themselves struggling to make it from one financial obligation to the next.

Low interest rates and readily available credit have caught a lot of consumers in the trap of the ‘have now pay later’ trend. In fact, Canadian consumers are already spending 163% of their income.

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As the Canadian economy continues to struggle and the cost of living continues to soar, many Canadians are struggling to keep up with the costs of day-to-day living, let alone manage debt or save for the future. Sound familiar?

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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.

Pair soaring debt with a general lack of financial literacy throughout Canada and we’ve got ourselves a perfect storm.

Navigating through the ins and outs of debt solutions when you are in financial distress can be overwhelming. The stress of harassing phone calls from creditors or collection agencies certainly doesn’t help.

A new survey released today by MNP LTD finds that British Columbians are concerned about the uncertainty of a potential housing bubble and impending interest rate hikes, adding financial stress to households already carrying a record level of debt.