British Columbia And The Consumer Debt Conundrum

According to the Office of the Superintendent of Bankruptcy Canada, bankruptcies in B.C. are in decline. While this may sound like hopeful news in a struggling economy, MNP’s Lana Gilbertson warns this could be a sign of trouble on the horizon for British Columbians. With consumer debt and home equity lines at record levels, the numbers show thousands of households are relying on debt to help them through tough financial times. While credit can be an incredible tool in a pinch, credit reliance can lead to a dangerous cycle of debt that’s difficult to get out of, leaving you struggling from one minimum payment to the next but not actually getting anywhere in paying down the actual debt itself.

For those watching their debt load continue to grow from one month to the next, it’s important to know you’re not alone. Taking the time to reaching out to a debt professional today can help get you back on track and in control of your debt and finances. Once you understand the options available to you, you can choose which route best suits your unique financial situation as you move work towards a strong financial future.