Making Ends meet at the end of every month is becoming more and more difficult. Many consumers, middle class families are suffering, yet in denial about the actual gravity of the situation. Statistically, 61% of us believe we are in less debt than our neighbor, which of course is impossible. When in actual fact 35% of us carry more debt than we should and 122,999 Canadians filed for bankruptcy in 2012.
NO more money – NOT alone
81% of Consumers filing bankruptcy were employed
27% of them were female, single mothers
57% were male with an average age of 43
60% were aged 30 to 49 years old
59% were families with at least 3 members
The reality is that many Canadians suffer and struggle with the exact same issues when it comes to finances. Working a full time job and yet at the end of every month, not enough money to pay all the bills and pay down debt. Never mind, if some extra expense or unexpected emergency interrupted the income source.
How do you compare with the 122000 Canadians that filed bankruptcy in 2012?
$26,768 average Canadian level of unsecured debt
$208,083 average mortgage debt
80% the amount of income required to service the household debt
39% lost their jobs and had to file bankruptcy
18% filed bankruptcy due to marital/relationship breakdown
12% owed money to a payday loan company
Denial often the initial and preferred solution, is never a permanent fix. Debt- especially credit card debt, is something we tuck away and don’t discuss, like a dirty little secret.
Assessing your debt is the first step to finding a solid solution. Talk to a licensed trustee now, they will provide you good solutions and help guide you to a fresh financial start. Many consumers that take a proactive approach early enough can avoid bankruptcy and resolve debt with alternative methods, consumer proposals, consolidation loans, debt reduction plans and restrictive budgeting.