Today there is good and bad news.

The good news came from a StatsCan report about all of the household debt in Canada that many  experts have been complaining about – how Canadians have been accused of being bad money managers but guess what? This report confirms that we are not broke and precariously dangling from a cliff of troublesome household debt, but quite the opposite. Canadians have significant assets to back all of the debt – and more. There is a net-worth surplus.

As published recently by the Vancouver Sun, a former chief economic analyst for Stats Can, Philip Cross, revealed that two-thirds of the $1.8 trillion in household debt were mortgages.

Finally someone agrees with what I’ve been saying for many years.

thank god for good lawyers

CBC news reported that a 26 year old cancer patient was denied long-term disability payments despite having disability insurance through her employer’s group plan. The reason: her cancer was a pre-existing condition.

Following the headline, they interviewed a lawyer who pointed out there were many nasty little secrets hidden in the fine print of insurance contracts that routinely allowed insurance companies to avoid payment.

Do Canadians have a laissez-faire attitude towards debt? High consumer debt is the result of income to cost-of-living disparity, paired with burdensome high interest rates.

A new report on debt from CBC news repeats a familiar theme that debt levels are out of control because "interest rates are at an all-time low, life is great and the economy is not bad… People seem to have a laissez-faire attitude toward debt right now,” says Laurie Campbell, CEO of Credit Canada Debt Solutions.

I say that’s laissez-unfair.

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.

December 16, 2014

By Margaret H. Johnson

5 sure fire ways to pay off your debt and avoid new debt this year

The New Year is approaching and you still haven’t reached your resolutions you set last New Year. Your debt hasn’t gone down much, or maybe has even gone up in the last year. So how can you get out of the cycle and get closer to debt freedom in the coming year? Here are 5 sure fire ways to pay down your debt and avoid new debt in 2015.

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!


We have created this website for public use. Every reasonable effort has been made to ensure that the information presented is current and accurate. However, users of this website should verify information before making decisions. We do not provide legal advice, and the information provided on or through this website should not be seen as such. If you have a legal problem, we encourage you to contact a Lawyer in your community for assistance.