Canadian Consumer Debt Increases 53% in 5 Years (News Release, November 5, 2012)

Despite some recent reports that it looks like Canadians are being a little more careful with how much credit they use, over the past 5 years, the Credit Counselling Society has seen the debt load of Canadians seeking their help increase by 53%, and the majority of the increase occurred in the two years following the global economic crisis. What’s more alarming is that the numbers continue to climb, showing no signs of turning around this year. “On average, clients come to us owing over $31,000 of unsecured debt,” explains Scott Hannah, President & CEO or the non-profit Credit Counselling Society. Hannah continues, “Our hope is that consumers take heed of the warnings and decrease their reliance on credit.”

Increasing Financial Literacy with Education

To help Canadians turn the tide on this unsettling trend, the Credit Counselling Society has launched several new free online workshops / webinars this month. The workshops are designed to help consumers learn how to manage their money, debt and credit better, and take the first steps to getting their finances back on track. “We’re looking at a staggering increase in the amount of personal debt Canadian families are trying to manage,” explains Hannah. “We want to give everyone across Canada the opportunity to attend one of these free events during Financial Literacy Month so that we can start working towards reversing this trend.”

Events Planned for Financial Literacy Month

In addition to online workshops (webinars) provided by the Credit Counselling Society, events include in-person workshops at post-secondary institutions and ask-the-expert tweet chats each Thursday evening. The winners of a national high school essay contest will also be announced the week of November 12.

More Financial Literacy Resources

Through its educational programs and services, the Credit Counselling Society is proud to partner with the Financial Consumer Agency of Canada to provide free financial education to Canadians during Financial Literacy Month. For a complete listing of events, topics, and workshops, visit www.MyMoneyCoach.ca. << Go back to the Blog main page