KeyFinance is a personal finance blog for Canadians that are interested in achieving financial independence and early retirement (FIRE). Although not every article will be directly related to FIRE, the information amassed on this blog will always pertain to building solid, healthy money-related habits.
As Canadians continue to become increasingly indebted, housing becomes even less affordable and more families struggle to live financially secure lives, there are groups of Canadians forming to better educate others on their relationships with money.
Some Statistics on Canadian Debt
- In October of 2019, the balance of consumer credit reached $640 billion. This is a 2.7% increase from October 2018.
- The cost of servicing interest only payments on debt increased by 7.6% in the first half of 2019.
- Unsecured line of credit balances increased by 2.4% in the first 9 months of 2019.
Although it’s important to look back at statistics of more than 1 year, the statistical increase of debt per Canadian in recent years is troubling.
What is the Solution?
Though never impossible, getting out of debt is an uphill battle. The best solution to avoid debt is to educate individuals on avoiding bad debt all together when possible. Young individuals have time on their side, and if educated on the incredible powers of compounded interest they will have a better chance of being set up to handle life’s unexpected expenses as they come. This blog aims to educate on the power of responsible spending and saving.
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All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by KeyFinance constitutes an investment recommendation, nor should any data or Content published by KeyFinance be relied upon for investment activities.
KeyFinance strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
- Statistics Canada Table 14-10-0223-01
- Statistics Canada Table 18-10-0004-01
- Rentals.ca data
- Statistics Canada Table 10-10-0118-01
- Statistics Canada Table 11-10-0065-01
- Statistics Canada Table 10-10-0006-01