Recent poll finds Canadians would need to earn nearly 40% more to eliminate debt.

One of the first options anyone with financial difficulty should consider is consolidating their debts through what is normally called a debt consolidation loan.

Both individuals and corporations can make use of the Bankruptcy and Insolvency Act. A consumer bankruptcy is simply a bankruptcy filing by an individual in Canada.

A debt consolidation loan is a single loan – generally obtained from a financial institution such as a chartered bank or credit union – that allows you to repay debts to multiple (and ideally all) creditors at once.

More than anywhere, Atlantic Canadians are increasingly reliant on debt and struggling to pay off their outstanding balances.

From Joy B.: How long does my bankruptcy stay on my credit report?

In January of this year, the Financial Consumer Agency of Canada, a Government of Canada agency, issued a consumer alert entitled Debt Reduction Companies: Beware of “Too Good to Be True” Offers.

Budgeting and saving money are no longer necessary steps for making a big purchase.

Albertans are increasingly reliant on debt, struggling to pay off their outstanding balances and apparently in the worst position of any province currently.

Manitoba residents are increasingly reliant on debt and struggling to pay off their outstanding balances.