Recent research indicates that many Canadians believe their debt is either below or on par with the national average, however many of them are wrong, and many have relatively more debt than they think.

Ratesupermarket.ca recently polled 6,090 Canadian credit card holders and found that 42% of those who believed their credit card debt is “average” actually have above average debt.

Interestingly on the flip side, 34.5% of those who believed they have too much debt, actually carry less debt than the average Canadian.

It comes down to one’s perception, and how comfortable we are with our own debt, which creates our sense of debt comparison and acceptability.

So let’s do a little experiment:

  1. How much debt do you have?

  2. Do you think you debt is below, on par, or above the national average?

And now to compare your debt, and your perception, with reality.

The average amount of credit card debt in Canada is $2,627*.

The average consumer debt (non-mortgage) of Canadians is $20,967**.

And the average household debt (includes mortgage) in Canada is at 163% of disposable income***.

How does your debt compare to the average Canadian?

And now that you know that answer, does that change how you perceive your debt, or how you feel about it?

If you already despised your debt, and discover that it is in fact below average, I’m guessing that you still loath it and intend to destroy it regardless.

However if were okay with your debt, believing it to be normal, only to discover it is higher than average, you are probably feeling surprised, and perhaps worried.

Higher levels of debt means higher levels of risk, in the event of financial emergency. Illness, job loss, economic downturn and any number of unforeseen events may put you in a poorer financial position than the average Canadian.

And not only that, more debt may prevent you from reaching the potential wealth the average Canadian may achieve in their lifetime.

Whether your debt is below average, on par, or above average, if you would like to be debt free there are solutions available which are Government licensed. Call Solutions Credit Counselling to learn more about your journey to debt freedom - 1-877-588-9491 (toll free).

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Remember, if you are experiencing financial difficulties do not wait. Call Solutions Credit Counselling at 1(877)588-9491 or fill out our Debt Consolidation Questionnaire and get your Free Credit Counselling Advice today.

For more information visit Debt Canada - your Canadian credit education centre.

If you are a woman in debt, speak with Women and Money first. We specialize in helping women with their personal and business financeMoney management advice you can count on!


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