Canadians on the Brink of Debt Spiral

A warning from those that know – Canadians are carrying way too much debt. That’s the finding from a new survey by the Certified General Accountants Association.

The CGA says 84 per cent of Canadians carry debt – 14 per cent say it’s increasing too fast and a full quarter of us aren’t saving any money, even for retirement. If it continues on the current pace it will only put more downward pressure on the economy.

It’s all too easy to use that plastic to pay day-to-day living expenses. Years of cheap and easy credit and the lure of rewards have left people like Alex struggling. “The purpose of the credit card was to gain points for free airmiles, but then they changed the policy to 20 per cent only – unfortunately it’s not working the way we wanted it to. But we still have the debt now.” He says he is not keeping up. “Right now we are month-to-month paying it off – it’s a little dry for sure right now.”

Source: NEWS 1130

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