As Canada's population ages, the country is facing a looming financial crisis that doesn't garner…
Equifax, one of the country’s major credit reporting agencies recently released a report with the same worrisome trends.
The report claims that delinquencies on debt payments (excluding mortgage debt) rose by 11.7 percent in the second quarter of 2016 by Canadians aged 18 to 25 and delinquencies jumped by 9.7 percent for these people in the 26 to 35 age group.
It was not really a surprise that the report found that Canadians are taking on debt faster than wage growth, as this fact has been reported time and time again by the Bank of Canada.
We have noticed in our practice, a growing number of people over 60 years of age who are experiencing financial troubles, and who need to file either bankruptcy or proposal to settle debts. Many seniors find themselves unable to secure employment after being downsized. That said, the Equifax report claims that it was seniors, those 65 years of age plus, who took on the most debt last year, suggesting that it may not just be millennials who are finding it difficult to make ends meet.
Some tips for money management are available at the Financial Consumer Agency of Canada website:
Should you or someone you know be experiencing a debt problem, please contact us. We will be happy to schedule you a free consultation.