Why is debt such a problem for Canadians?

Everybody knows someone who is in debt. Maybe it’s even you.
Although poor budgeting is the leading cause of financial difficulties, it’s not the only reason. Lack of preparation for rainy days as well as unforeseen circumstances such as death of a loved one, accidents, declining health, job loss, business failure, and divorce all play their part. The list is long and quite frankly concerning.

A recent survey from Ipsos revealed that nearly half (44%) of Canadians are $200 or less away from insolvency after paying their monthly debt obligations. Here are critical signs to tell if you need to seek professional intervention:

Debt is about more than just money. It impacts your emotional, mental and physical well-being. It fractures relationships you value and hold dear. Help is available but the world of insolvency is often confusing to navigate. You need to know where to look and who to look for. Most importantly you need to hire a debt relief expert who will exclusively advocate for you and represent what’s solely in your best interest. It’s essential to have someone on your side who’s committed to your immediate and future needs, not those of your creditors. Choosing a debt expert will help ensure the best outcome for your debt restructuring and financial rehabilitation.

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For more detailed information on all the debt management options available as well as how to choose the right advocate for you, download our complimentary ebook

John and Jennifer Croft

Credit Lift Owners

CreditLift is committed to building strong communities by educating and equipping Canadians to achieve financial freedom.

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