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


Save on Energy

By Joe Torraca on January 21, 2020

If you’re like most homeowners, the most expensive utility bill is your energy bill. Many homeowners just accept their electricity bill for what it is, but there are simple ways to save on your energy bill. That’s right; by getting creative you keep more of your hard-earned money in your pockets instead of handing it…

Canadians Saving Money on the Holidays

How Can Canadians Save Money During the Holidays?

By Steve Horton on December 23, 2019

Let’s be honest: most of us haven’t done all our Christmas shopping yet, and we’re swiftly running out of disposable cash. Also, it’s unwise to run up credit cards in this case. How can savvy Canadians save money during this holiday season, especially at the last minute? Here are some tips from four experts of…

Consider debt settlement

Is debt settlement right for me? Consider this…

By Rubina Ahmed-Haq on December 19, 2019

For anyone struggling to pay their credit card debt and bills, the stress can be overwhelming. In many cases, the debt continues to climb, despite making payments, because expenses keep rising. The strain of this can be devastating. Studies show Canadians are increasingly worried about their financial situation. Many aren’t sure how they will get…

Coping with Christmas in debt

Coping With Christmas In Debt

By Debt.ca on December 9, 2019

Having to spend Christmas in debt can be emotionally trying. There are a few occasions in our lives where much of our financial responsibility gets thrown out the window. Babies are probably number one, but weddings, vacations, and Christmas (or Hanukkah) are close behind. December holds the time of year where many replace their penchant to save…

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