How is Debt Affecting Your Life?
A recent National survey has found that 47% of Canadians believe debt has a negative impact on their lives including sleep problems, frustration, embarrassment, relationship difficulties and a feeling of not being able to move forward in life.
Millennials and Debt
In the survey it was noted that Millennials had particularly negative feelings toward debt. This group carries the highest amount of unsecured debt such as credit card debt, which when combined with high interest rates, low cash flow and unstable employment makes dealing with debt difficult.
Saving money has not typically been a priority for Millennials, which has affected the pace at which they live their lives, including when they get married, buy a home and have children. More concerning however is that most are unprepared for any financial emergency.
Debt by Province
The survey also noted that Albertans with debt are more likely to have negative feelings toward debt and are more likely to have been impacted by debt than those in Atlantic Canada or British Columbia. In fact, while average debt loads vary significantly, Calgary residents were reported to be carrying the highest credit card and consumer loan debt when compared to other major cities in Canada.
Stop Letting Debt Affect Your Life!
You don’t have to allow debt to define you.
Hardie & Kelly can help! We are federally licensed to help individuals with debt problems. We will sit down with you at a free consultation to review your financial situation, explain your options, stop interest and collection calls, reduce your monthly payments and eliminate your debt.
Call us for free consultation at 403-777-9999 or text us at 403-909-9572 or visit our Relief from Debt website at relieffromdebt.Previous: "Rising Interest Rates and Mortgage Renewal" Next: "Payday Loans: Break the Payday Loan Cycle"