Canadians borrowed more in the second quarter, according to the latest study released by Statistics Canada. This rise in the debt observed on the credit market has increased recently from 0.5% to 1.6% in the second quarter.
It should be noted, moreover, that the mortgage debt amounted to more than $ 1.1 trillion, at a time when the consumer credit market debt exceeded the $ 500 billion mark at the end of the quarter.
Concerning the level of education
Who does not believe that the ratio of the company was in the contract, was estimated at 163.4% in the second quarter. This is an increase compared to the 162.1% registered in the first quarter. This increase comes after two declines in the last two quarters.
On the other hand, household net worth increased by 0.7% in the second quarter. This growth is due in large part to the rise of 1.6% of the value of their real estate throughout the quarter.
Negotiating with creditors will allow you to contact your creditors to try to obtain new credit terms and decrease your payments. You will therefore be able to lower your interest rate, extend your amortization period or reduce your capital.
Voluntary deposit gives you the ability to make regular payments with a low interest rate based on your gross income before deductions and the number of dependents. This means, however, does not take into account your ability to pay.
The consumer proposal is a settlement offer that your financial advisor will make to your creditors to avoid bankruptcy. Your debts will be cut off and you will not have any interest in paying.
Bankruptcy can also be a solution to get rid of all your debts quickly enough in case no other option is possible. This will cause you to give up your seizable property.
Therefore, a decision will be taken in consultation with your advisor who will suggest the most appropriate solution to your situation, what ensure you to get out of debt and find a financial balance as soon as possible.