Blog

Statistics show that Canada’s Debt-to-Income Ratio is Improving

By Debt.ca on March 28, 2012 No Comments

According to the latest figures from Statistics Canada, the disposable income of most Canadians is increasing slightly in comparison to what they owe to creditors, a situation that favours debt relief options such as debt settlement. The statistics which came out in mid March 2012 showed that Canadians’ disposable income demonstrated a slight improvement towards the end of 2011, signaling a good time for Canadians because this means their debt burden could as well be on a downward trend.

Debt-to-income ratio dropped from 151.9 per cent in the third quarter to 150.6 per cent through the fourth quarter of 2011. This was influenced by rising personal incomes which shot up much faster in comparison to consumer debt.

The country’s net worth also improved in the fourth quarter, going up by 0.8 per cent to hit $6.6 trillion.  The net worth is calculated by taking all the resident’s assets less what is owed to foreigners. The increase in Canada’s net worth is largely attributed to a $60-billion rise in the value of non-financial assets which include real estate.

Per capita for the same year improved from $189,700 per Canadian in the third quarter to $190,900 in the fourth quarter. Household net worth on the other hand increased by nearly one per cent thanks to higher equity values, pension assets and mutual funds.

What does this mean for Canadian debt settlement?

These statistics from the National Debt Agency are very important because they clearly demonstrate the true picture of Canadians’ ability to settle debts. It means that our ability to settle our debts has improved by some margin – which is indeed a demonstration of improved financial stability among individuals and families in the country.

As a debtor, this should give you sufficient confidence to move with speed and take advantage of all available debt relief options. This is the best time to utilize avenues like debt settlement and debt consolidation in Canada. Such a setting creates room for more people to get out of debt by making it easy to take advantage of prevailing conditions and the overall positivity in Canada.

Debt.ca

Admin


Top Tips for First Time Home Buyers

By Rubina Ahmed-Haq on April 26, 2017

This is the busiest time for real estate transactions in Canada. If you’re out shopping for a home it’s easy to get caught up and spend more than you wanted too. For first time homebuyers it can be an overwhelming experience. Before setting out to buy your first home here are a few ways you…

How Diversifying Your Transportation Habits Can Save You Thousands

By Jordann Brown on April 17, 2017

If you grew up with two cars in your parents’ driveway, you’re not alone. Like most Canadians, the generation before us spent thousands of dollars per year maintaining their vehicles, fueling them up and paying for them through car loans. For our parents, cars were a sign of freedom, mobility, and independence. Fast forward 20…

How to Budget For Summer Holidays

By Alyssa Davies on March 29, 2017

I know what you’re thinking – summer seems way too far away to be worrying about what lies ahead. However, that is exactly why you need to start planning and prepping for any upcoming expenses. Not unlike Christmastime, summer travel and events can end up being just as costly. Wedding season rolls around, camping trips…

Which Type of Debt Should You Repay First?

By Amanda Reaume on March 23, 2017

Some people feel very anxious when they’re in debt and want to pay it off as soon as possible. But if you have a lot of debt or if you have many different types of debt, then you might be confused as to which debt you should pay off first. The first thing that you…

No Comments Leave a Comment  

Leave a Comment

Free Savings Estimate

How much do you owe?

$100,000

$5,000
$100,000
Live Chat
Welcome to our Live Chat
Agents are not available at this time. Please leave a message. Thank you.
First Name
Last Name
Phone
Email
Postal Code
Debt Amount
 
PHP Live! powered