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.

New debt settlement laws will protect consumers

VICTORIA – Enhanced protections for B.C. families, particularly those in financial distress, are at the heart of legislative changes introduced today by the B.C. government.

The Province is taking action to regulate the debt settlement industry with amendments to the Business Practices and Consumer Protection Act (BPCPA). If passed, these amendments will prohibit debt settlement companies from charging fees until both the debtor and creditor have approved a debt repayment agreement. These amendments will also lay the foundation for additional new rules to safeguard consumers which government aims to bring into effect in fall 2015.

In Canada, you are innocent until you’re proven guilty.  It would appear that our banking system has forgotten this simple fact.

Lyndsay Passmore (see story in The Province)  had 4 credit cards stolen.  When she noticed them missing, she contacted the appropriate banks.  In the interim between the cards being taken and her reporting them stolen, the thieves had taken approximately $15,000 in cash advances and charges.  Her bank, while absorbing some of the charges, tried to put Ms. Passmore on the hook for $4000, citing the fact that her Personal Identification Number (PIN) was inputted correctly the first time (which it seems meant to the bank that the person(s) who took her cards knew her PIN).  Ms. Passmore’s example raises so many interesting points, but also so many questions:

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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