We have a serious debt problem in this country. Canadian household debt has been on the rise for decades, but 2016 was the first year that the amount of money Canadians owe has surpassed the national gross domestic product (GDP). The average person owes 1.67$ for every dollar they are making, and this number continues to rise steadily, despite the average salary increase not keeping up with the cost of living. This disturbing trend affects all aspects of our lives, including our consumer debt, our mortgages and our ability to get mortgages, not to mention the overall economic stability of the country.
So that begs the question, what can one do to avoid becoming just another indebted statistic? This info graphic from Loan & Go breaks down the different ways Canadians have found themselves in so much debt, and offers up some tips on how to combat it in your day to day life.
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