Is Debt Consolidation the Solution to Your Financial Woes1?
Thirty-seven per cent of Canadians feel overwhelmed by their debt load. Debt consolidation programs in Canada can help people with multiple unsecured debts better manage their finances, improve their credit score and become debt free fast.
According to the Canadian Payroll Associations, 37 per cent of Canadians feel overwhelmed by their debt. Considering household debt in Canada reached $2.08 trillion in 2017, overwhelmed might be an understatement. The good news is that insolvency in Canada has slowly decreased over the last decade, meaning less Canadians are filing consumer bankruptcies and proposals. With average household debt inclining, it seems ironic that there’s been lower insolvencies. However, debt consolidation might be the thing to credit, as more Canadians with multiple unsecured debts are turning to this type of financing for debt relief.