Latest Poll On Canadian Debt Levels

A local trustee in bankruptcy isn’t surprised with a recent poll on Canadian debt levels.
The report by Royal Bank of Canada finds 24% of people are debt free, down from 26% in 2012.
Frank Fabiano says we’ve seen it specifically here in Northwestern Ontario with the loss of good manufacturing jobs in the pulp and saw mills.
Fabiano also points to the increase in the cost of living and sky-rocketing gas prices.
The poll also finds that 38% of Canadians are very anxious about their debt levels, which is up from 34% in 2012.
Fabiano says the number one thing people can do is make sure that they’re not spending more money than their taking home.
Steps that people can take to reduce their debt include looking at how much money that you owe, talking to your creditors, look at options such as bankruptcy as a final solution and make a plan to reduce your debt, and stick with it.