Recent economic figures cite that many Canadians are entrenched in a negative financial situation. In fact, the debt to income ratio of many recently increased to 163.4 percent (that is up from 150 percent in 2011). In laymans terms, this means that for every 63 cents of disposable income, the average Canadian is saddled with one dollar of debt. In addition, Canadian households are borrowing more than ever before. According to third quarter numbers from 2012 (July to September), Canadian households borrowed an average of $27.3 billion (that includes $18.4 billion in mortgages), and consumer credit levels soared $474 billion.
If you are one of the many Canadians drowning in debt, there are several options to consider. First and foremost, consult an experienced debt consolidation specialist or credit counselor. If you are balancing multiple debts with varied interest rates and payment due dates, for example, these credit specialists will often advise you to consider debt consolidation before considering more drastic measures (like bankruptcy).
Canadian consumer bankruptcies are governed by the Bankruptcy and Insolvency Act (BIA). The BIA serves to help consumers pay back their creditors, and in some extreme cases, also help them with credit counseling and forgiveness of massive amounts of debt. Before bankruptcy is considered, however, debt consolidation Canada Ontario companies can help you find a less extreme and viable option to consolidate debt. With so many debt consolidation bc options, the question then is, which debt consolidation Canada reviews can you trust?
The Canadian Office of Consumer Affairs (OCA) has a website that details the specifics of debt consolidation Canada BC. The OCA website explains the benefits of a debt consolidation loan (it is a single loan that allows you to repay your debts to several or all of your creditors at once; often has lowered interest rates), and what types of debt qualifies (a mortgage does not qualify), and who qualifies for a debt consolidation ontario loan (typically, you need a decent credit rating to qualify).
When searching for financial institutions or debt consolidation advisors, there are dozens of companies that can be researched on online debt consolidation Canada reviews. The key is to know which services you need, which will then help you navigate the vast amount of information of online debt consolidation Canada reviews. Debt management, debt settlement, credit report diagnoses, and professional credit advisement are four of the most important factors when dissecting debt consolidation Canada reviews. Whether your debt is related to credit cards, unpaid medical bills, or other financial obligations, you should consult online debt consolidation Canada reviews that detail the services that best meet your debt consolidation needs.